Insurance is a means by which the burden of an individual's risk can be transferred to a larger group of people for financial compensation. As it becomes nearly impossible for a single person to bear alone the losses caused to his property or to his ‘stake' in anything like a sporting event due to any unforeseen' happenings, insurance is a method which distributes his burden of the loss among several other persons within the group formed for the particular purpose. In the realm of business, whether it be in the provision of services, the conduct of trade, or the production of goods, numerous properties are used. If there isn't a reliable risk management process in place, the stakes are extremely high, and there is a great deal of uncertainty. People can obtain assistance in coping with unanticipated occurrences such as these using insurance, expansion, and improvement of India's general insurance industry after its privatisation.
Trend analysis of premium, claims, operating expenditures, commission, net assets, net liabilities, current assets, current liabilities, net investments, underwriting profit, and net profit for public and private sector participants in the fire, marine, and miscellaneous product categories is also included. Different products offered by general insurance business participants, changes in operational mechanisms including pricing of products and reinsurance, and changes in the regulatory mechanism have all been examined to gain insight into the industry's explosive expansion after privatisation.
Key words: General Insurance, Risk Management, Risk Transfer
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