Company Profile TATA AIG

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Introduction

Insurance Means:

Insurance in broad terms may be described as a method of

sharing financial losses of few from a common fund whoare equally exposed to the same loss.

Insurance is defined as the equitable transfer of the risk of a

loss, from one entity to another, in exchange for a premium,

and can be thought of a guaranteed small loss to prevent a

large, possibly devastating loss.


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Definition

General Insurance means:

General insurance or nonlife insurance policies, including automobile and

homeowners policies, provide payments depending on the loss from a

particular financial event.General insurance typically comprises any insurance that is not determined to

be life insurance.

It is called property and casualty insurance in the !.". #nd nonlife insurance

in continental $urope.

The non-life insurance sector is on an upswing! The non-life insurance industry in India has grown by over 16

% p.a. over the last 5 years. There is a vast business potential that lies untapped as ore and ore cities enter

the developent"

# $nonyous


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Types of General Insurance

%he ma&or types of General Insurance are:

'ire

Marine

Motor(ealth


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Fire Insurance: # fire insurance is a contract under which the insurer in return for a

consideration )premium* agrees to indemnify the insured for the financial loss which the

latter may suffer due to destruction of or damage to property or goods, caused by fire,

during a specified period.

Marine Insurance:%his policy covers goods, freight and other interests against loss ordamage to goods whilst being transported by rail, road, sea and or air.

Motor Insurance: # motor insurance policy is a mandatory policy issued by

an insurance company as part of prevention of public liability to protect the general

public from any accident that might take place on the road. %he law mandates that every

owner of a motor vehicle must have one motor insurance policy.

Health insurance:(ealth insurance is a type of insurance coverage that pays for medical

and surgical expenses incurred by the insured. (ealth insurance can reimburse the

insured for expenses incurred from illness or in&ury, or pay the care provider directly.


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IRDA

%he Insurance +egulatory and evelopment #uthority )I+#* is a

national agency of the Government of India, based in (yderabad. It

was formed by an act of Indian -arliament known as I+# #ct ///,

which was amended in 0110 to incorporate some emerging

requirements.

Mission

2to protect the interests of the policyholders, to regulate, promote and

ensure orderly growth of the insurance industry and for matters

connected therewith or incidental thereto.2


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Insurance Structure in India

3


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Benefits of Insurance

-rotects mortgaged properties#version of risk

Individual"atisfies various needs-eace of mind%ool of investment

%ool of savings-rovides self dependency


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About TATA AIG

"tarted its operations on 4anuary 00,011 with head quarters at Mumbai,

India.

4oint collaboration between the #merican International Group, Inc.

)#IG* and %ata Group. #IG own the company in the ratio of 05:63.

It offers complete range of products both life insurance as well as

general insurance.

7ompany8s products are available through various channels of

distribution.

(as asset database about 1.5 billion !" and work force about 090employees and /335 agents.

Its has it operations in 09 states , /;< locations with ; =onal offices all

over the country.


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About TATA AIG

Vision:

%o be India8s most preferred General Insurance 7ompany

Purpose:

%o create unmatched value for our customers, employees, business

partners and shareholders by delivering remarkable service that is

consistent, fair and transparent.


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Core Values

performance


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Managing irector >7$? )M+.-resident

?rgani=ational

"tructure:


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Organizational Structure

(?M (ead


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Product ines


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"Emplyer of the Year" Best Claims Serice Company!

!ilestones of TATA AIG GI


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Co"petitors of TATA AIG

@a&a& #llian= General Insurance 7o. Atd@a&a& #llian= General Insurance 7o. Atd

%ata #IG is one among the %?- 1 trusted on#life Insurers in the 7ountry.

"ource: I+# $p%ate% &ist of on#life Insurers on 1910015


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#inancial Analysis of TATA AIG

$India is ranked th among ;; countries in life insurance business and 0st in global non

life insurance markets in 01.$%he nonlife insurance segment has fared very well over the last decade since

liberali=ation. ?ver the last five years ending 'B3, gross direct premium income of non

life insurers has grown at a 7#G+ of ;.3C.$@ancassurance is one distribution channel which is emerging in the distribution network.

#s insurers continue to spread their reach, newer distribution channels are being adopted toexpand the insurance business.$irect selling and individual agents are the two ma&or distribution channels adopted by

the insurance companies.$%he Indian insurance sector is witnessing a spate of mergers and acquisitions with &oint

venture partners expressing their intent to look for new partners.

$Government clears ordinance to hike 'I cap in insurance sector to 3/C.$uring 01, IndiaDs share in global life insurance market was 0.1C, while its share in the

nonlife insurance premium was a mere 1.6C.$Insurance penetration refers to premium as a percentage of G- whereas insurance

density refers to per capita premium or premium per person. IndiaDs insurance density

stood at !" E 90 in 01, way behind the world average of !"E 590.


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%otal GI 7ompanies %ata #IG I7I7I A?M@#+1

1111

01111

1111

31111

91111

51111

61111

;1111

/1111 'ross (irect Premium of 'I Companies

'ross )nnual Premium *in Cr+

Gross Direct Pre"iu" of GI Co"panies


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yearsFInsurer -ublic -rivate %otal1

911

111

911

0111

0911

o of e, Polices

o of e, Policies


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#s -er the

Graph India

had Aow

Insurancedensity with

-enetration

+ate of ./

#s per I+#

#s -er the

Graph, %he GI

sector is in theGrowth -hase

with continuous

increase in

-rivate sector.

Company Profile TATA AIG

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