History of insurance

The outcome of this session is to understand the History of Insurance – its types-the types of Insurance Companies

1. INSURANCE Sri Krishna Arts and Science College Department of Commerce Faculty:Mrs. S. Akhila

2. INSURANCE FOR BPS UNIT-I INSURANCE

3. Agenda Learning Objectives Expected Outcome Key terms Summary Test your knowledge (MCQ) Introduction to next session

4. Learning Objectives History of Insurance – Types of Insurance Companies

5. Expected Outcome The outcome of this session is to understand the History of Insurance – its types-the types of Insurance Companies

6. History of Insurance

7. History of Insurance The history of insurance describes the development of the modern business of insurance against risks, especially regarding cargo, property, death, automobile accidents, and medical treatment.

8. History of Insurance 1818 : First life insurance company, The Oriental Life Insurance company, set up in Kolkata. 1870 : First Indian life insurance company, was formed ‘Bombay Mutual Assurance Society Ltd’. 1912 : The First statutory measure was introduced through ‘The Indian Life Assurance Companies Act 1912. 1956 : Life Insurance Corporation Act was passed & Life Insurance Corporation of India was created by nationalizing 245 insurers. 1957 :General insurance council was formed.

9. 1993 :R.N.Malhotra Committee was set up to study and recommend reformations for the insurance industry. History of Insurance 1994 :R.N.Malhotra Committee recommended private and foreign investments in the insurance industry. 1999 :Insurance Regulatory and Development Authority (IRDA) was set up as statutory body. 1972 :The General Insurance Business (Nationalization) Act 1972 (GIBNA) was passed. The General Insurance Corporation of India (GIC) was formed.

10. History of Insurance https://www.youtube.com/watch?v=8AGiWyJXvm0

11. https://youtu.be/hapKVJuQh-U What is Insurance??

12. Types of Insurance Companies

13. Public Sector Life Insurance Company Life Insurance Corporation of India Other Life Insurance Companies Aegon Life Insurance Company Aviva India Bajaj Allianz Life Insurance Birla Sun Life Insurance Exide Life Insurance HDFC Standard Life Insurance ICICI Prudential Life Insurance Sahara India Pariwar   Life insurance Companies IDBI Federal Life Insurance India First Life Insurance Company Kotak Life Insurance Max Life Insurance Peerless Group PNB MetLife India Insurance Company Reliance Life Insurance SBI Life Insurance Company

14. Public Sector Non-Life Insurance Companies Agriculture Insurance Company of India Export Credit Guarantee Corporation of India National Insurance Company New India Assurance The Oriental Insurance Company United India Insurance Company Non-Life insurance Companies

15. Other Non-Life Insurance Companies Apollo Munich Health Insurance Bajaj Allianz General Insurance Bharti AXA General Insurance Cholamandalam MS General Insurance Cigna TTK Future Generali India Insurance HDFC ERGO General Insurance Company ICICI Lombard Non-Life insurance Companies Kotak Mahindra General Insurance Liberty General Insurance Reliance General Insurance Religare Health Insurance Company Limited Royal Sundaram General Insurance Star Health and Allied Insurance Tata AIG General Universal Sompo General Insurance Company

16. General Insurance Corporation of India Re-insurance Companies

17. Key Terms Risk Insurance History of Insurance General Insurance Insurable Risk IRDA Life Insurance Non-Life Insurance Re-Insurance

18. Summary First life insurance company, The Oriental Life Insurance company, set up in Kolkata. Insurance Regulatory and Development Authority (IRDA) was set up as statutory body in 1999 Types of Insurance: Life, Non-Life & Re-insurance.

19. MCQ ???????

20. 1.When did insurance begin in Babylon? a) 1750 BC b) 1907 BC c) 1971 BC d) 2000 BC (a) 1750BC 2. Which one of the following does not belong to the main products of life insurance? a) Endowment b) Personal accident insurance c) Term d) Whole life (b) Personal Accident Insurance

21. 3.Which one of the following does not belong to the major general insurance private sector companies in India? a) Bajaj Allianz General Insurance b) Reliance General Insurance c) Royal Sundaram Alliance Insurance d) The Oriental Insurance Company (d) The Oriental Insurance Company 4. When was the Oriental Life Insurance Company established? a) 1818 b) 1834 c) 1907 d) 1938 (a) 1818

22. 5.When was Life Insurance sector nationalised ? a) 1834 b) 1907 c) 1938 d) 1956 (d) 1956 6. 'Reinsurance' refers to the practice by insurance companies of: a) Insuring the same risk twice b) Renewing existing policies c) Buying insurance from another firm d) Issuing new policies (c) Buying insurance from another firm

23. 7.Largest Life Insurance Company in India is: a) The New India Assurance Company Limited b) Life Insurance Corporation of India (LIC) c) United India Insurance Company Limited d) National Insurance Company Limited (b) Life Insurance Corporation of India (LIC)

24. Next Hour- Types of Insurance

25. Types of Insurance

26. Thank You SKASC-Department of Commerce BPS & CM