GENERAL INSURANCE BUSINESS TRENDS (PRE-LIBERALIZATION PERIOD)
DOI:
https://doi.org/10.57067/kr.v1i11.121Keywords:
General Insurance, Policy, Business, Pre-reform periodAbstract
The policy frame reveals that the General Insurance Corporation (GIC) in India during the pre-reform period was well-directed to achieve national planning and development objectives. Analyzing the performance of the GIC, including the progress of four subsidiaries, is essential to highlight achievements and business trends between 1973 and 1999-2000. The analysis should focus on trends in paid-up capital, gross premium, net premium, underwriting profits, net profit, and investment income. In general insurance contracts, insurers indemnify the insured for losses caused by specified risks, charging a remuneration called premium. Premiums are received for one year and are renewed only if the contract is renewed. The Insurance Act 1938 requires insurers to provide separate figures for businesses mobilized in and out of India, indicating the volume of business undertaken by organizations
References
Srivastava D.C and Sashank Srivastava, Indian insurance industry; Transition and prospects, new century publications, PP.62.
Srivastava D.C and Sashank Srivastava, Indian insurance industry; Transition and prospects, new century publications, PP.67
Srivastava D.C and Sashank Srivastava, Indian insurance industry; transition and prospects, new century publications
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