INSURANCE FACTS & ARTICLES........
According yo an estimate prepared by Max New York Life Insurance in 2002 , the Indian insurance market would increase by five times to Rs. 2,50,000 crores by the end of 2008 and the life insurance segment alone would increase by four times to Rs. 1,50,000 crores . Even according to the conservative estimates prepared by the Confederation of Indian Industry (CII) , the insurance market would grow to touch Rs. 1,88,700 crores by 2009-10. Whole life insurance premium is expected to touch Rs. 1,45,000 crores , Non life premium is estimated to increase to Rs. 38,600 crores and Personal line insurance premium is expected to rise to Rs. 400 crores.
HEALTH INSURANCE- A SOLUTION? - According to some surveys , every year , 22 lakh people fall below the poverty line and lose the ability to pay for medical care. It has been estimated that 58% of the hospitalized borrow money from lenders at high rates or sell their assets to obtain medical treatment. The government has failed to provide medical treatment either free or at reasonable costs to poor and meddle class , primarily because of lack of sufficient funds for spending on public health. ... will Private sector health insurers be able to offer health services to the needy at affordable costs ?...........

  • India's Insurance Premium Penetration as % of GDP in 1999
    - UK 13.35
    - US 8.55
    - MALAYSIA 3.88
    - INDIA 1.93
  • MARINE Insurance i.e. covering risk on the transportation of goods is one of the oldest and most vital forms of insurance. The oldest record of marine policy relates to a Mediterranean voyage in 1347.

    In India , the practice of this type of insurance was quite common during rule of Akbar .

    However the origin of Marine Insurance, in it's present form, is Lloyd's of London - a coffee house. Where the transactions of marine business started taking place in 1688, of course over a cup of coffee. This is place where the term" Underwriting" took birth. When marine risk transactions were affected at Lloyd's - the terms of the contract were written beneath it- UNDERWRITING.
  • In UK - 1875 , Ist policy was issued to cover IIIrd Party LIABILITY arising out of use of horse driven carriages.
  • The concept of FIRE insurance originated in Germany . However the first Insurance policy was transacted in 1667 - after the most disastrous fire in human history known as " Great Fire" in London.
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