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<div class="itg-mosimage"><amp-img src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998December%2Finsuring-1_080812105234.gif" alt="" height="425" width="650" class="" layout="responsive"></amp-img><p>Rakesh Rathi is still stunned. Last week when his friend did not turn up at JFK airport in New York to pick him up, he got worried.</p><p>He was told that his friend had met with an accident. When Rathi reached his place, it was already two hours since he had landed at JFK. But his friend had already completed the legal and insurance formalities. Within 24 hours he also got his cheque from the insurance firm.<br> <br>Consumers who deal with Indian insurance companies are also stunned. A similar claim in India would take a minimum of two weeks provided you have the clout and over three months if you don't. But there is hope. </p><p>The Atal Bihari Vajpayee Government has opened up the insurance sector - nationalised since 1971 - to private companies. The actual legislation is expected within a month and if licences are issued by June 1999, Indians will be able to buy policies from private firms by 2000. </p><p>The Government has plans to push the bill for the Insurance Regulatory Authority of India and the amendments to the LIC and GIC Acts by next month. Corporates, investors and bankers are thrilled. </p><div class="itg-mosimage"><amp-img src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998December%2Finsuring-2_080812094714.jpg" alt="" height="425" width="650" class="" layout="responsive"></amp-img></div></p><p>Foreign investors are doubly so since the Government has allowed them a 40 per cent equity stake when they were expecting only 26 per cent. The biggest beneficiaries, however, would be consumers. Derek Stott, chief of Prudential Insurance which has tied up with ICICI, believes that this is "a substantial step forward for consumers".</p><p>Dalip Varma, chief executive (India) for US major AIG Insurance, agrees. "Consumers will benefit from the wide range of products offered by the new entrants as also the better service."<br> <br>Says Raj Nair, chairman of Business Consulting Group: "India ranks amongst the lowest in the world in per capita insurance premium. As against South Korea's per capita figure of $1,338 (Rs 56,865) India has a mere $6 (Rs 255)." </p><div class="itemcenter"><amp-iframe height="62" title="" width="320" sandbox="allow-forms allow-scripts allow-same-origin allow-popups allow-top-navigation allow-top-navigation-by-user-activation" allowfullscreen src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Findiatoday%2Fbanner%2Fpreferred-source-new.html%3Fv%3D1.014%5Cu0026native%3D1" class="mrBt15 preferred-source-banner"> </amp-iframe></div></p><p>Indeed, insurance premium in India accounts for just 2 per cent of the GDP as against a world average of 7.8 per cent. An ICICI study shows that insurance premium as percentage of savings in India is barely 5.95 per cent as compared to 52.5 per cent in the UK.<br> <br>That's because insurance in India is bought, not sold. There is no real attempt to service the customer and increase reach. In a country of over 98 crore people, there are barely eight crore policy holders. Health insurance is virtually neglected. </p><p>General insurance fares no better. Says Anthony Jacob, country head of Royal & Sun Alliance: "India is ranked 74th among 77 countries in the non-life insurance business and new business generated is barely $2 billion (Rs 8,500 crore)." </p><div class="itg-mosimage"><amp-img src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998December%2Finsuring-3_080812105233.gif" alt="" height="425" width="650" class="" layout="responsive"></amp-img><b>BOLD STEP:</b> Finance Minister Yashwant Sinha may face flak within the coalition</div></p><p>The low growth, analysts say, is primarily due to the lack of choices and a paucity of good service. Deepak Parekh, chairman of HDFC and one of the authors of the Malhotra Committee report, says that people, particularly in urban areas, use insurance as a means of tax savings.</p><p>Nair agrees: "LIC has over 80 products. But the bulk of its business is in four or five products. The agents decide what is good." Consumers mostly get herded by agents who decide more on the basis of the commission generated than consumer interest. </p><p>But that may now change. "Business would be segmented according to the disposable incomes," says Jacob. Pricing not tariff would be the rule of the game. The consumer naturally will get a better bang for his bucks.<br> <br>Nair adds that foreign companies have the technology to segment and customise products. These will bring down premia - unlike now - for low-risk individual behaviour. "Companies will use every tool in the box to devise premia to cover different risk profiles." </p><p>For instance, abroad, the premium for a red car is normally higher. Similarly, if you are white and a non-smoker, the premium is less. Apart from consumers, even the economy stands to gain. </p><table><tbody><tr><td><b>PREMIUM ALLIANCES </b><br></td></tr><tr><td><b>Indian Company</b><br></td><td><b>Foreign Partner </b><br></td></tr><tr><td>Tata Group<br>Godrej Soaps<br>DCM Shriram Consolidated<br>HDFC<br>Bombay Burmah Trading<br>Kotak Mahindra<br>20th Century Finance<br>Alpic Finance<br>C.K. Birla Group<br>ICICI<br>Hindustan Times<br>Dabur<br>Sanmar Group<br>ITC<br>Peerless<br>Sundaram Finance<br>M.A. Chidambaram Group<br>Ranbaxy<br>Vysya Bank<br>S.K. Modi Group<br></td><td>AIG Insurance (<i>US</i>)<br>Rothschild (<i>UK</i>)<br>Royal & Sun Alliance (<i>UK</i>)<br>Standard Life (<i>UK</i>)<br>General Accident (<i>Scotland</i>)<br>Chubb Insurance (<i>US</i>)<br>Sanada Life Assurance (<i>Canada</i>)<br>Allianz Holding (<i>Germany</i>)<br>Zurich Insurance (<i>Switzerland</i>)<br>Prudential (<i>UK</i>)<br>Commercial Union (<i>UK</i>)<br>Liberty Mutual (<i>UK</i>)<br>GIO (<i>Australia</i>)<br>Eagle Star (<i>UK</i>)<br>Guardian Royal Insurance (<i>UK</i>)<br>Winterthur Ins (<i>Switzerland</i>)<br>Metlife (<i>UK</i>)<br>Cigna<br>ING Bank<br>Legal & General (<i>Australia</i>)<br></td></tr></tbody></table></p><p>An estimated Rs 450,000 crore is required over the next five years to develop infrastructure and a growing insurance business is the best engine for generating these funds. </p><p>Premia collected is reinvested in long-term assets within the country pushing growth and generating employment. Says Parekh: "More brokers, surveyors, treasury managers and valuers are needed. This business can well be dominated by women working from home."<br> <br>But there are hurdles along the way. Sections of the RSS as well as the Swadeshi Jagran Manch are against the move to open the sector. </p><p>So are the left parties and the insurance unions representing two lakh employees. The All India Insurance Employees Association has planned a march to the Parliament on December 8 and a strike on December 11.</p><p> Says S.N. Jaokar, joint secretary of the All India Life Insurance Employees Association: "We are opposed to both the opening up of the sector and the entry of foreigners. Money for infrastructure is a bogey." Cautions A.V. Nachane, general secretary of the LIC Employees Federation: "Two governments have fallen on this issue. A similar fate could await this Government too." </p><p>However, on the positive side is the determination displayed by the Prime Ministers' Office in pushing through crucial economic decisions like the Suzuki settlement and share buyback ordinance. As a senior PMO official puts it, "What is imperative for reviving the economy will be done." </p><p>However, doubts persist. Parekh feels that the Government will have to manage opposition from within the coalition. "Besides they have to move three bills within what could be a stormy and short session of Parliament." </p><p>As Varma puts it, "We need to hold our breath till the actual passage of the bills." In other words, it is happening. But if you are betting on it, better take an insurance cover. <br></p><div id="tab-link-wrapper-plugin"><div class="authors__container"><div class="authors__by"><div class="authlable">Published By: </div><div class="authdetaisl">AtMigration </div></div><div class="published__on"><div class="authlable">Published On: </div><div class="authdetaisl">Dec 7, 1998</div></div></div><div class="sendros">--- ENDS ---</div></div></div>

economy

Economy

<div class="itg-mosimage"><div class="itgimage"><img  title=""  class="" alt="" src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998December%2Finsuring-1_080812105234.gif" loading="lazy" /></div><p>Rakesh Rathi is still stunned. Last week when his friend did not turn up at JFK airport in New York to pick him up, he got worried.</p><p>He was told that his friend had met with an accident. When Rathi reached his place, it was already two hours since he had landed at JFK. But his friend had already completed the legal and insurance formalities. Within 24 hours he also got his cheque from the insurance firm.<br> <br>Consumers who deal with Indian insurance companies are also stunned. A similar claim in India would take a minimum of two weeks provided you have the clout and over three months if you don't. But there is hope. </p><p>The Atal Bihari Vajpayee Government has opened up the insurance sector - nationalised since 1971 - to private companies. The actual legislation is expected within a month and if licences are issued by June 1999, Indians will be able to buy policies from private firms by 2000. </p><p>The Government has plans to push the bill for the Insurance Regulatory Authority of India and the amendments to the LIC and GIC Acts by next month. Corporates, investors and bankers are thrilled. </p><div class="itg-mosimage"><div class="itgimage"><img  title=""  class="" alt="" src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998December%2Finsuring-2_080812094714.jpg" loading="lazy" /></div></div></p><p>Foreign investors are doubly so since the Government has allowed them a 40 per cent equity stake when they were expecting only 26 per cent. The biggest beneficiaries, however, would be consumers. Derek Stott, chief of Prudential Insurance which has tied up with ICICI, believes that this is "a substantial step forward for consumers".</p><p>Dalip Varma, chief executive (India) for US major AIG Insurance, agrees. "Consumers will benefit from the wide range of products offered by the new entrants as also the better service."<br> <br>Says Raj Nair, chairman of Business Consulting Group: "India ranks amongst the lowest in the world in per capita insurance premium. As against South Korea's per capita figure of $1,338 (Rs 56,865) India has a mere $6 (Rs 255)." </p><div class="itemcenter"><iframe scrolling="no" allowfullscreen="" frameborder="0" width="100%" height="62" awidth="320" aheight="62" amplayout="fixed" src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Findiatoday%2Fbanner%2Fpreferred-source-new.html%3Fv%3D1.014" class="preferred-source-banner" loading="lazy"></iframe></div><style>.preferred-source-banner{  margin-top: 10px; margin-bottom:10px;}</style></p><p>Indeed, insurance premium in India accounts for just 2 per cent of the GDP as against a world average of 7.8 per cent. An ICICI study shows that insurance premium as percentage of savings in India is barely 5.95 per cent as compared to 52.5 per cent in the UK.<br> <br>That's because insurance in India is bought, not sold. There is no real attempt to service the customer and increase reach. In a country of over 98 crore people, there are barely eight crore policy holders. Health insurance is virtually neglected. </p><p>General insurance fares no better. Says Anthony Jacob, country head of Royal & Sun Alliance: "India is ranked 74th among 77 countries in the non-life insurance business and new business generated is barely $2 billion (Rs 8,500 crore)." </p><div class="itg-mosimage"><div class="itgimage"><img  title=""  class="" alt="" src="https://ancillary-proxy.atarimworker.dev?url=https%3A%2F%2Fakm-img-a-in.tosshub.com%2Fsites%2Fmedia2%2Findiatoday%2Fimages%2Fstories%2F1998December%2Finsuring-3_080812105233.gif" loading="lazy" /></div><b>BOLD STEP:</b> Finance Minister Yashwant Sinha may face flak within the coalition</div></p><p>The low growth, analysts say, is primarily due to the lack of choices and a paucity of good service. Deepak Parekh, chairman of HDFC and one of the authors of the Malhotra Committee report, says that people, particularly in urban areas, use insurance as a means of tax savings.</p><p>Nair agrees: "LIC has over 80 products. But the bulk of its business is in four or five products. The agents decide what is good." Consumers mostly get herded by agents who decide more on the basis of the commission generated than consumer interest. </p><p>But that may now change. "Business would be segmented according to the disposable incomes," says Jacob. Pricing not tariff would be the rule of the game. The consumer naturally will get a better bang for his bucks.<br> <br>Nair adds that foreign companies have the technology to segment and customise products. These will bring down premia - unlike now - for low-risk individual behaviour. "Companies will use every tool in the box to devise premia to cover different risk profiles." </p><p>For instance, abroad, the premium for a red car is normally higher. Similarly, if you are white and a non-smoker, the premium is less. Apart from consumers, even the economy stands to gain. </p><table style="margin-left: 8px; background-color: rgb(229, 229, 229);" align="right" border="1" cellpadding="3" cellspacing="3"><tbody><tr align="center"><td colspan="2" rowspan="1"><b style="color: rgb(204, 0, 0);">PREMIUM ALLIANCES </b><br></td></tr><tr><td><b>Indian Company</b><br></td><td><b>Foreign Partner </b><br></td></tr><tr><td colspan="1">Tata Group<br>Godrej Soaps<br>DCM Shriram Consolidated<br>HDFC<br>Bombay Burmah Trading<br>Kotak Mahindra<br>20th Century Finance<br>Alpic Finance<br>C.K. Birla Group<br>ICICI<br>Hindustan Times<br>Dabur<br>Sanmar Group<br>ITC<br>Peerless<br>Sundaram Finance<br>M.A. Chidambaram Group<br>Ranbaxy<br>Vysya Bank<br>S.K. Modi Group<br></td><td colspan="1">AIG Insurance (<i>US</i>)<br>Rothschild (<i>UK</i>)<br>Royal & Sun Alliance (<i>UK</i>)<br>Standard Life (<i>UK</i>)<br>General Accident (<i>Scotland</i>)<br>Chubb Insurance (<i>US</i>)<br>Sanada Life Assurance (<i>Canada</i>)<br>Allianz Holding (<i>Germany</i>)<br>Zurich Insurance (<i>Switzerland</i>)<br>Prudential (<i>UK</i>)<br>Commercial Union (<i>UK</i>)<br>Liberty Mutual (<i>UK</i>)<br>GIO (<i>Australia</i>)<br>Eagle Star (<i>UK</i>)<br>Guardian Royal Insurance (<i>UK</i>)<br>Winterthur Ins (<i>Switzerland</i>)<br>Metlife (<i>UK</i>)<br>Cigna<br>ING Bank<br>Legal & General (<i>Australia</i>)<br></td></tr></tbody></table></p><p>An estimated Rs 450,000 crore is required over the next five years to develop infrastructure and a growing insurance business is the best engine for generating these funds. </p><p>Premia collected is reinvested in long-term assets within the country pushing growth and generating employment. Says Parekh: "More brokers, surveyors, treasury managers and valuers are needed. This business can well be dominated by women working from home."<br> <br>But there are hurdles along the way. Sections of the RSS as well as the Swadeshi Jagran Manch are against the move to open the sector. </p><p>So are the left parties and the insurance unions representing two lakh employees. The All India Insurance Employees Association has planned a march to the Parliament on December 8 and a strike on December 11.</p><p> Says S.N. Jaokar, joint secretary of the All India Life Insurance Employees Association: "We are opposed to both the opening up of the sector and the entry of foreigners. Money for infrastructure is a bogey." Cautions A.V. Nachane, general secretary of the LIC Employees Federation: "Two governments have fallen on this issue. A similar fate could await this Government too." </p><p>However, on the positive side is the determination displayed by the Prime Ministers' Office in pushing through crucial economic decisions like the Suzuki settlement and share buyback ordinance. As a senior PMO official puts it, "What is imperative for reviving the economy will be done." </p><p>However, doubts persist. Parekh feels that the Government will have to manage opposition from within the coalition. "Besides they have to move three bills within what could be a stormy and short session of Parliament." </p><p>As Varma puts it, "We need to hold our breath till the actual passage of the bills." In other words, it is happening. But if you are betting on it, better take an insurance cover. <br></p><div id="tab-link-wrapper-plugin"><div class="authors__container"><div class="authors__by"><div class="authlable">Published By: </div><div class="authdetaisl">AtMigration </div></div><div class="published__on"><div class="authlable">Published On: </div><div class="authdetaisl">Dec 7, 1998</div></div></div><div class="sendros">--- ENDS ---</div></div></div>

<p>The Government opens the sector to private participation to the delight of corporates and foreign investors. But the real gainer will be the consumer.</p>

India Today

The Government opens the sector to private participation to the delight of corporates and foreign investors. But the real gainer will be the consumer.

Insuring improvement - India Today

Consumers to be real gainer as govt opens insurance sector to private companies

Insuring improvement

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Consumers to be real gainer as govt opens insurance sector to private companies

The Government opens the sector to private participation to the delight of corporates and foreign investors. But the real gainer will be the consumer.

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