IRDA has released the annual report of the performance of the Indian Insurance Industry for the period 2011-12. The report covers detailed performance of the Life Insurance as well as General Insurance Companies in India.
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The report consists of following:
MISSION STATEMENT
TEAM AT IRDA
OVERVIEW
PART – I
POLICIES AND PROGRAMMES
I.1 Â Â Â Â Â Â Â Â Â General Economic Environment
I.2 Â Â Â Â Â Â Â Â Â World Insurance Scenario
I.3 Â Â Â Â Â Â Â Â Â Appraisal of Indian Insurance Market
I.4 Â Â Â Â Â Â Â Â Â Review
I.4.1 Â Â Â Â Â Â Protection of Interests of Policyholders
I.4.2 Â Â Â Â Â Â Maintenance of Solvency Margins of Insurers
I.4.3 Â Â Â Â Â Â Monitoring of Reinsurance
I.4.4 Â Â Â Â Â Â Insurance Pools
I.4.5 Â Â Â Â Â Â Monitoring of Investments by the Insurers
I.4.6 Â Â Â Â Â Â Health Insurance
I.4.7 Â Â Â Â Â Â Business in the Rural and Social Sector
I.4.8 Â Â Â Â Â Â Financial Reporting and Actuarial Standards
I.4.9 Â Â Â Â Â Â Anti-Money Laundering/Counter-Finance of Terrorism
I.4.10 Â Â Â Â Crop Insurance
I.4.11 Â Â Â Â Micro Insurance
I.4.12 Â Â Â Â Directions, Orders and Regulations issued by the Authority
I.4.13 Â Â Â Â Right to Information Act
PART – II
REVIEW OF WORKING AND OPERATIONS
II.1 Â Â Â Â Â Â Â Â Regulation of Insurance and Reinsurance Companies
II.2Â Â Â Â Â Â Â Â Â Intermediaries Associated with the Insurance Business
II.3 Â Â Â Â Â Â Â Â Litigations, Appeals and Court Pronouncements
II.4 Â Â Â Â Â Â Â Â International Co-operation in Insurance
II.5 Â Â Â Â Â Â Â Â Public Grievances
II.6 Â Â Â Â Â Â Â Â Insurance Association and Insurance Councils
II.7 Â Â Â Â Â Â Â Â Functioning of Ombudsmen
PART – III
STATUTORY AND DEVELOPMENTAL FUNCTIONS OF THE AUTHORITY
III.1 Â Â Â Â Â Â Â Issue to the applicant a certifi cate of registration, renew, modify, withdraw, suspend or cancel such registration
III.2        Protection of the interests of policyholders in matters concerning assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance
III.3 Â Â Â Â Â Â Â Specifying requisite qualifi cations, code of conduct and practical training for intermediaries or Insurance Intermediaries and agents
III.4 Â Â Â Â Â Â Â Specifying the code of conduct for surveyors and loss assessors
III.5 Â Â Â Â Â Â Â Promoting effi ciency in the conduct of insurance business
III.6 Â Â Â Â Â Â Â Promoting and regulating professional organizations connected with the insurance and reinsurance business
III.7 Â Â Â Â Â Â Â Levying fees and other charges for carrying out the purposes of the Act
III.8 Â Â Â Â Â Â Â Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business
III.9 Â Â Â Â Â Â Â Control and regulation of rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938)
III.10 Â Â Â Â Â Specifying the form and manner in which books of accounts shall be maintained and statements of accounts shall be rendered by Insurers and other insurance intermediaries
III.11 Â Â Â Â Â Regulating investment of funds by insurance companies
III.12 Â Â Â Â Â Regulating maintenance of margin of solvency
III.13 Â Â Â Â Â Adjudication of disputes between Insurers and Intermediaries or Insurance Intermediaries
III.14 Â Â Â Â Â Supervising the functioning of the Tariff Advisory Committee (TAC)
III.15 Â Â Â Â Â Specifying the percentage of premium income of the insurer to fi nance schemes for promoting and regulating professional organizations referred to in clause (6)
III.16 Â Â Â Â Â Specifying the percentage of life insurance business and general insurance business to be undertaken by the Insurers in the rural and social sector
III.17 Â Â Â Â Â Exercising such other powers as may be prescribed
PART – IV
ORGANISATIONAL MATTERS
IV.1 Â Â Â Â Â Â Â Organisation
IV.2 Â Â Â Â Â Â Â Meetings of the Authority
IV.3 Â Â Â Â Â Â Â Human Resources
IV.4 Â Â Â Â Â Â Â Promotion of Offi cial Language
IV.5 Â Â Â Â Â Â Â Research & Development
IV.6 Â Â Â Â Â Â Â Status of Information Technology
IV.7 Â Â Â Â Â Â Â Accounts
IV.8 Â Â Â Â Â Â Â IRDA Journal
IV.9 Â Â Â Â Â Â Â Acknowledgements
LIST OF BOX ITEMS
1. Â Â Â Â Â Â Â Â Â Â State-wise Life Insurance Penetration and Density of Individual New Business
2. Â Â Â Â Â Â Â Â Â Â Persistency of Life Policies and Servicing of Orphan Policies
3. Â Â Â Â Â Â Â Â Â Â Initiatives on the Development of Health Insurance
4. Â Â Â Â Â Â Â Â Â Â Financial Literacy and Consumer Education on Insurance
5. Â Â Â Â Â Â Â Â Â Â Supervision of Market Conduct
6. Â Â Â Â Â Â Â Â Â Â Formation of Indian Motor Third Party Declined Risk Insurance Pool
7.           Productivity of the Tied Agents (Life Insurance) – A Market Observation
8. Â Â Â Â Â Â Â Â Â Â Surveyors & Loss Assessors – Recent Initiatives of IRDA
9. Â Â Â Â Â Â Â Â Â Â Insurance Information Bureau (IIB)
LIST OF TEXT TABLES
I.1 Â Â Â Â Â Â Â Â Â Real Growth in Premium During 2011
I.2 Â Â Â Â Â Â Â Â Â Insurance Penetration and Density in India
I.3 Â Â Â Â Â Â Â Â Â Registered Insurers in India
I.4 Â Â Â Â Â Â Â Â Â Premium Underwritten : Life Insurers
I.5 Â Â Â Â Â Â Â Â Â Market Share : Life Insurers
I.6 Â Â Â Â Â Â Â Â Â New Policies Issued : Life Insurers
I.7 Â Â Â Â Â Â Â Â Â Paid-up Capital : Life Insurers
I.8 Â Â Â Â Â Â Â Â Â Commission Expenses : Life Insurers
I.9 Â Â Â Â Â Â Â Â Â Commission Expense Ratio : Life Insurers
I.10 Â Â Â Â Â Â Â Operating Expenses : Life Insurers
I.11 Â Â Â Â Â Â Â Operating Expense Ratio : Life Insurers
I.12 Â Â Â Â Â Â Â Individual Death Claims : Life Insurers
I.13 Â Â Â Â Â Â Â Group Death Claims : Life Insurers
I.14 Â Â Â Â Â Â Â Number of Life Insurance offi ces
I.15 Â Â Â Â Â Â Â Distribution of Offi ces of Life Insurers
I.16 Â Â Â Â Â Â Â Gross Direct Premium Income in India of Non-Life Insurers
I.17 Â Â Â Â Â Â Â Company Wise Gross Direct Premium income in India : Non-Life Insurers
I.18 Â Â Â Â Â Â Â Premium (Within India) Underwritten by Non-Life Insurers – Segment Wise
I.19 Â Â Â Â Â Â Â Ratio of Outside India Premium to Total Premium
I.20 Â Â Â Â Â Â Â Gross Direct Premium From Business Outside India : Non-Life Insurers
I.21 Â Â Â Â Â Â Â Number of New Policies Issued : Non-Life Insurers
I.22 Â Â Â Â Â Â Â Paid Up Capital : Non-Life Insurers and Reinsurer
I.23 Â Â Â Â Â Â Â Underwriting Losses : Non-Life Insurers
I.24 Â Â Â Â Â Â Â Commission Expenses : Non-Life Insurers
I.25 Â Â Â Â Â Â Â Operating Expenses : Non-Life Insurers
I.26 Â Â Â Â Â Â Â Net Incurred Claims : Non-Life Insurers
I.27 Â Â Â Â Â Â Â Incurred Claims Ratio : Non-Life Insurers
I.28 Â Â Â Â Â Â Â Investment Income : Non-Life Insurers
I.29 Â Â Â Â Â Â Â Net Profi ts/Losses : Non-Life Insurers
I.30 Â Â Â Â Â Â Â Dividends Paid : Non-Life Insurers
I.31 Â Â Â Â Â Â Â Number of Non-Life Insurance Offi ces
I.32 Â Â Â Â Â Â Â Net Retained Premium on Indian Business as per cent of Gross Direct Premium (Excluding GIC)
I.33 Â Â Â Â Â Â Â Reinsurance Placed Within India and Outside India as per cent of Gross Direct Premium in India
I.34 Â Â Â Â Â Â Â Reinsurance Ceded Outside India on Indian Business
I.35 Â Â Â Â Â Â Â Net Retentions of Non-Life Insurers
I.36 Â Â Â Â Â Â Â Share of Member Companies in the Indian Terrorism Pool
I.37 Â Â Â Â Â Â Â Premium Rates for Terrorism Risk Insurance
I.38 Â Â Â Â Â Â Â Expected Ultimate Liabilities as per GAD Estimate
I.39 Â Â Â Â Â Â Â Due Dates for Net Settlements Amongst the Pool Members (IMTPIP)
I.40 Â Â Â Â Â Â Â Motor Insurance Third Party Claims (IMTPIP)
I.41 Â Â Â Â Â Â Â Market Share of Pool Members
I.42 Â Â Â Â Â Â Â Total Investments of the Insurance Sector
I.43 Â Â Â Â Â Â Â Total Investments of Life Insurers : Instrument-wise
I.44 Â Â Â Â Â Â Â Investments of Life Insurers : Fund-wise
I.45 Â Â Â Â Â Â Â Growth of Investments: Fund-wise
I.46 Â Â Â Â Â Â Â Total Investments of Non-Life Insurers : Instrument-wise
I.47 Â Â Â Â Â Â Â Health Insurance Premium
I.48 Â Â Â Â Â Â Â TPA Licenses Renewed
I.49 Â Â Â Â Â Â Â TPA Infrastructure
I.50 Â Â Â Â Â Â Â Third Party Administrators – Claims Data
I.51 Â Â Â Â Â Â Â New Business under Micro Insurance Portfolio
I.52 Â Â Â Â Â Â Â Micro Insurance Agents of Life Insurers
I.53 Â Â Â Â Â Â Â Individual Death Claims Under Micro Insurance Portfolio
I.54 Â Â Â Â Â Â Â Group Death Claims Under Micro Insurance Portfolio
I.55        Duration-Wise Settlement of Death Claims in Micro Insurance – Individual Category
I.56        Duration-Wise Settlement of Death Claims in Micro Insurance – Group Category
I.57 Â Â Â Â Â Â Â List of Central Public Information Offi cers
II.1 Â Â Â Â Â Â Â Â Details of Individual Agents of Life Insurers
II.2 Â Â Â Â Â Â Â Â Details of Corporate Agents of Life Insurers
II.3 Â Â Â Â Â Â Â Â Individual New Business Performance of Life Insurers – Channel Wise
II.4 Â Â Â Â Â Â Â Â Group New Business Performance of Life Insurers – Channel Wise
II.5 Â Â Â Â Â Â Â Â New Business Premium (Individual and Group) of Life Insurers – Channel Wise
II.6 Â Â Â Â Â Â Â Â Number of Licenses Issued to Surveyors and Loss Assessors
II.7 Â Â Â Â Â Â Â Â Grievances Relating to Surveyors and Loss Assessors
II.8 Â Â Â Â Â Â Â Â Details of Cases Filed
II.9 Â Â Â Â Â Â Â Â Number of Cases of Petitions Disposed / Dismissed
II.10 Â Â Â Â Â Â Status of Grievances : Life Insurers
II.11 Â Â Â Â Â Â Unfair Business Practice – Complaints
II.12 Â Â Â Â Â Â Status of Grievances – Non-Life Insurers
II.13 Â Â Â Â Â Â Disposal of Complaints by Ombudsmen during 2011-12
III.1 Â Â Â Â Â Â Â Penalties Levied by the Authority
LIST OF CHARTS
I.1Â Â Â Â Â Â Â Â Â Â Insurance Density in Select Countries – 2011
I.2 Â Â Â Â Â Â Â Â Â Insurance Penetration in Select Countries – 2011
I.3 Â Â Â Â Â Â Â Â Â Insurance Density in India
I.4 Â Â Â Â Â Â Â Â Â Insurance Penetration in India
I.5 Â Â Â Â Â Â Â Â Â Premium Underwritten by Life Insurers
I.6 Â Â Â Â Â Â Â Â Â First Year Premium – Life Insurers
I.7 Â Â Â Â Â Â Â Â Â Total Premium- Life Insurers
I.8 Â Â Â Â Â Â Â Â Â Duration Wise Break-up of Claims Pending – Individual Policies
I.9 Â Â Â Â Â Â Â Â Â Duration Wise Break-up of Claims Pending – Group Policies
I.10Â Â Â Â Â Â Â Â Number of Life Insurance Offi ces
I.11 Â Â Â Â Â Â Â Geographical Distribution of Life Insurance Offi ces
I.12 Â Â Â Â Â Â Â Gross Direct Premium of Non-Life Insurers (Within & Outside India)
I.13 Â Â Â Â Â Â Â Gross Direct Premium Income of Non-Life Insurers
I.14 Â Â Â Â Â Â Â Segment-Wise Non-Life Premium
I.15 Â Â Â Â Â Â Â Number of Non-Life Insurance Offi ces
II.1 Â Â Â Â Â Â Â Â Individual New Business Premium of Life Insurers – Channel Wise
II.2 Â Â Â Â Â Â Â Â Group New Business Premium of Life Insures – Channel Wise
II.3 Â Â Â Â Â Â Â Â New Business Premium of Life Insurers (Individual & Group)
II.4 Â Â Â Â Â Â Â Â Classifi cation of Life Complaints
II.5 Â Â Â Â Â Â Â Â Classifi cation of Non-Life Complaints
II.6 Â Â Â Â Â Â Â Â Class Wise Non-Life Complaints
LIST OF STATEMENTS
1. Â Â Â Â Â Â Â Â Â Â International Comparison of Insurance Penetration
2. Â Â Â Â Â Â Â Â Â Â International Comparison of Insurance Density
3. Â Â Â Â Â Â Â Â Â Â First Year Life Insurance Premium
4. Â Â Â Â Â Â Â Â Â Â Total Life Insurance Premium
5. Â Â Â Â Â Â Â Â Â Â Individual New Business Performance of Life Insurers – Channel Wise
6. Â Â Â Â Â Â Â Â Â Â Group New Business Performance of Life Insurers – Channel Wise
7. Â Â Â Â Â Â Â Â Â Â State Wise Individual New Business Underwritten
8. Â Â Â Â Â Â Â Â Â Â State Wise Group New Business Underwritten
9. Â Â Â Â Â Â Â Â Â Â State Wise Life Insurance Penetration and Density of Individual New Business
10. Â Â Â Â Â Â Â Â Individual Business (Within India) – Business in Force (Number of Policies)
11. Â Â Â Â Â Â Â Â Individual Business (Within India) – Business in Force (Sum Assured)
12. Â Â Â Â Â Â Â Â Linked and Non-Linked Premium of Life Insurers
13. Â Â Â Â Â Â Â Â Linked and Non-Linked Commission of Life Insurers
14. Â Â Â Â Â Â Â Â Individual Death Claims
15. Â Â Â Â Â Â Â Â Group Death Claims
16. Â Â Â Â Â Â Â Â Duration Wise Settlement of Death Claims – Individual Category
17. Â Â Â Â Â Â Â Â Duration Wise Settlement of Death Claims – Group Category
18. Â Â Â Â Â Â Â Â Assets Under Management of Life Insurers
19. Â Â Â Â Â Â Â Â Equity Share Capital of Life Insurers
20. Â Â Â Â Â Â Â Â Solvency Ratio of Life Insurers
21. Â Â Â Â Â Â Â Â Life Insurers – Policyholders Account
22.         Life Insurers – Shareholders Account
23. Â Â Â Â Â Â Â Â Life Insurers – Balance Sheet
24.         Life Insurance Corporation of India – Policyholders Account (Non-Participating)
25. Â Â Â Â Â Â Â Â Life Insurance Corporation of India – Shareholders Account (Non-Participating)
26.         Life Insurance Corporation of India – Balance Sheet (Non-Participating)
27. Â Â Â Â Â Â Â Â Individual Business (within India) – Details of Forfeiture/Lapsed Policies in respect of Individual Non-Linked Business
28.         Persistency of Life Insurance Policies
29. Â Â Â Â Â Â Â Â Details of Individual Agents of Life Insurers
30. Â Â Â Â Â Â Â Â Details of Corporate Agents of Life Insurers
31. Â Â Â Â Â Â Â Â Average Number of Policies Sold by Individual and Corporate Agents
32. Â Â Â Â Â Â Â Â Average New Business Premium for Individual and Corporate Agents
33. Â Â Â Â Â Â Â Â Average Premium Per Policy for Individual and Corporate Agents
34. Â Â Â Â Â Â Â Â State Wise Distribution of Offi ces of Life Insurers
35. Â Â Â Â Â Â Â Â Region Wise Distribution of Offi ces of Life Insurers
36. Â Â Â Â Â Â Â Â State Wise Number of Districts covered by Life Insurers
37. Â Â Â Â Â Â Â Â State Wise Distribution of Individual Agents
38. Â Â Â Â Â Â Â Â New Business Under Micro Insurance Portfolio
39. Â Â Â Â Â Â Â Â Death Claims Under Micro Insurance Portfolio – Individual Category
40. Â Â Â Â Â Â Â Â Death Claims Under Micro Insurance Portfolio – Group Category
41. Â Â Â Â Â Â Â Â Duration Wise Settlement of Micro Insurance Claims – Individual Category
42. Â Â Â Â Â Â Â Â Duration Wise Settlement of Micro Insurance Claims – Group Category
43. Â Â Â Â Â Â Â Â Company Wise Number of Micro Insurance Agents
44. Â Â Â Â Â Â Â Â Gross Direct Premium of Non-Life Insurers (Within & Outside India)
45. Â Â Â Â Â Â Â Â Segment Wise Gross Direct Premium of Non-Life Insurers (Within India)
46. Â Â Â Â Â Â Â Â Segment Wise Net Premium Income (Earned)
47. Â Â Â Â Â Â Â Â Health Insurance other than Travel-Domestic/Overseas & Personal Accident: Gross Premium and Number of Persons Covered
48.         Personal Accident Insurance: Gross Premium and Number of Persons Covered
49. Â Â Â Â Â Â Â Â Channel Wise Gross Direct Premium of Non Life Insurers
50. Â Â Â Â Â Â Â Â State Wise Gross Direct Premium Income of Non Life Insurers
51. Â Â Â Â Â Â Â Â Incurred Claims Ratio – Public Sector Non-Life Insurers
52. Â Â Â Â Â Â Â Â Incurred Claims Ratio – Private Sector Non-Life Insurers
53. Â Â Â Â Â Â Â Â Underwriting Experience and Profi ts of Public Sector Companies
54. Â Â Â Â Â Â Â Â Underwriting Experience and Profi ts of Private Sector Companies
55. Â Â Â Â Â Â Â Â Assets Under Management of Non-Life Insurers
56. Â Â Â Â Â Â Â Â Equity Share Capital of Non-Life Insurers
57. Â Â Â Â Â Â Â Â Solvency Ratio of Non-Life Insurers
58. Â Â Â Â Â Â Â Â Public Sector Non-Life Insurers – Policyholders Account
59. Â Â Â Â Â Â Â Â Public Sector Non Life Insurers – Shareholders Account
60. Â Â Â Â Â Â Â Â Public Sector Non-Life Insurers – Balance Sheet
61. Â Â Â Â Â Â Â Â Private Sector Non-Life Insurers – Policyholders Account
62. Â Â Â Â Â Â Â Â Private Sector Non-Life Insurers – Shareholders Account
63. Â Â Â Â Â Â Â Â Private Sector Non-Life Insurers – Balance Sheet
64. Â Â Â Â Â Â Â Â Health Insurers – Policyholders Account
65. Â Â Â Â Â Â Â Â Health Insurers – Shareholders Account
66. Â Â Â Â Â Â Â Â Health Insurers – Balance Sheet
67. Â Â Â Â Â Â Â Â Export Credit Guarantee Corporation Ltd. (ECGC) – Policyholders Account
68. Â Â Â Â Â Â Â Â Export Credit Guarantee Corporation Ltd.(ECGC) – Shareholder Account
69.         Export Credit Guarantee Corporation Ltd. (ECGC) – Balance Sheet
70. Â Â Â Â Â Â Â Â Agriculture Insurance Company of India Ltd. (AIC) – Policyholders Account
71. Â Â Â Â Â Â Â Â Agriculture Insurance Company of India Ltd. (AIC) – Shareholders Account
72.         Agriculture Insurance Company of India Ltd. (AIC) – Balance Sheet
73. Â Â Â Â Â Â Â Â General Insurance Corporation (GIC) – Policyholders Account
74. Â Â Â Â Â Â Â Â General Insurance Corporation (GIC) – Shareholders Account
75.         General Insurance Corporation (GIC) – Balance Sheet
76. Â Â Â Â Â Â Â Â State Wise Number of Offi ces of Non-Life Insurers
77. Â Â Â Â Â Â Â Â State Wise Number of Districts Covered by Non-Life Insurers
78. Â Â Â Â Â Â Â Â State Wise Number of Registered Brokers
79.         Third Party Administration – No. of Claims Received & Duration Wise Settlement of Claims
80. Â Â Â Â Â Â Â Â Status of Grievances – Life Insurers
81. Â Â Â Â Â Â Â Â Status of Grievances – Non-Life Insurers
82. Â Â Â Â Â Â Â Â Performance of Ombudsmen at different centres- Life Insurance
83. Â Â Â Â Â Â Â Â Performance of Ombudsmen at different centres – Non-Life Insurance
84. Â Â Â Â Â Â Â Â Performance of Ombudsmen at different centres – Life and Non-Life Insurance
LIST OF ANNEX
1. Â Â Â Â Â Â Â Â Â Â Insurance Companies Operating in India
2. Â Â Â Â Â Â Â Â Â Â Fee Structure for Insurers and Various Intermediaries
3.           (i) Indian Assured Lives Mortality (1994-96) (Modifi ed) Ultimate  (ii) Mortality Rates of Annuitants in LIC of India
4. Â Â Â Â Â Â Â Â Â Â Life Insurance Products cleared during the fi nancial year 2011-12
5. Â Â Â Â Â Â Â Â Â Â List of Micro Insurance Products of Life Insurers
6. Â Â Â Â Â Â Â Â Â Â Non-Life Insurance Products cleared during the fi nancial year 2011-12
7. Â Â Â Â Â Â Â Â Â Â Health Insurance Products cleared during the fi nancial year 2011-12
8. Â Â Â Â Â Â Â Â Â Â Obligatory Cessions received by GIC
9. Â Â Â Â Â Â Â Â Â Â Circulars / Orders / Notifi cations issued by the Authorityduring the fi nancial year 2011-12
10. Â Â Â Â Â Â Â Â Regulations framed under the IRDA Act, 1999
You can download the full report here:-
