Posts Tagged ‘Spirituality’

An Agora Times report on the Indian Insurance Industry 2010

September 23rd, 2022

The research has been conducted by the VA consulting team working with inputs from several insurance leaders in the Indian market that have worked with early entrants like Met Life, Zurich, ICICI and others.

There are insurance governing bodies have been formed and governing bodies have brought about a number of changes to standardize the insurance sector but more changes are expected especially in the personal and life area.

There are many factors to probe into as an investor or venturing into the Indian market. Our guidance to companies that are interested in entering the Indian market is:

The consumers as well as the investors should be focusing on the insurer’s financial strength and capability to meet ongoing responsibilities to its policyholders.
The fundamentals of the insurance company should be strong and should not indicate a poor investment opportunity as this might also deter growth.

Key FindingsTaking into account the changing socio-economic demographics, rate of GDP growth, changing consumer behavior and occurrences of natural calamities at regular intervals, the Indian life insurance market is expected to reach the value of around $42 Billion in the year 2010. The market is expected to grow at a CAGR of more than 200% YOY from the year 2006.

In 2006-07, pension premium contributed about 22.11% to total premium income of insurers.
Interestingly, the figure in the first nine months to December 2005 was 25.22%.In the non-life segment, the established players control 65% of the market. So it is their monthly performance that determines how the market as a whole would perform.
In Motor Insurance Business, Public sector covers almost 68% of the market value whereas the private sector just had 32% market share till September 2006.
In Accident Insurance Business, private sector players have almost 53% market share with ICICI Lombard as the lead player. Public sector players constitute about 47% market value with New India as the leading player followed by United India.

Take 10 Minutes to Get Started With Car Insurance Premium Calculator [Top 10 List]

March 21st, 2022

What is Car Insurance Premium Calculator?

Car insurance premium calculator is a dynamic tool provided, online, by car insurance companies. Get started with top 10 car insurance premium calculator online.

Almost every reputed motor insurance company has an car insurance premium calculator on their official portal.
With the help of the car insurance premium calculator, customers can get a quote for their car insurance policy and the premium amount they need to pay for the same.
You have to visit the ‘car insurance calculator’ page and fill in some basic information about yourself like the policyholder’s name, contact details and address, followed by some standard details about the insured/to be insured car. These details are – car manufacturer’s name, model number of the car, manufacturing year, car sub-type (if any), fuel type and registration date.
Some companies also give you an option of selecting if you want to insure the accessories installed inside the car.
After you have filled the details correctly, just click on the ‘calculate premium’ button and you will immediately get the quote.
After this, you also get an option to get more information and payment option to buy car insurance of your choice.

What are the benefits of a Car Insurance Premium Calculator?

Now that we know what a car insurance premium calculator is, let us find out why it is worth a try:

Using a car insurance calculator helps you evaluate your insurance needs, which makes it easy to select the best policy that covers all the requirements.
It is an easy and efficient way to compare premium rates of a variety of plans with various features for your vehicle.
The process of purchasing a policy becomes unbiased as you don’t have to be under the influence of an agent/broker, and are free to make your own choice.
By using a car insurance calculator, You get accurate information about the premium amount you’ll be paying for a particular policy.
You can also understand the way premium rates change with a change in variables.

How to use Car Insurance Premium Calculator?

Any online car insurance calculator will ask you for basic details of your car such as the make and model, registration number, manufacture date etc to calculate the premium.

However, you also need to know about the following factors that affect the premium value:

Insured Declared Value or IDV of the Vehicle This is one of the most important factors that has an impact on the premium for your car. IDV is the sum insured for the vehicle that is finalized by the insurer. In simple terms, it the current value of the vehicle as per market.
Cubic Capacity (CC) of the Vehicle The engine power of your vehicle is directly proportional to your car insurance premium.
No Claim bonus (NCB) You can save up to 50% on the Own Damage premium if you have a No Claim Bonus feature in your car policy.
Additional Discounts Installing anti-theft devices in your car or becoming a member of the Automobile Association of India (AAI) can considerably reduce your automobile insurance premium too.
Car Accessories Any modifications to the vehicle will add an extra amount to your insurance premium.

So you have understood very well, What is car insurance premium calculator? and the benefits to use car insurance premium calculator, so take 10 Minutes to Get Started With car insurance premium calculator[Top 10 List].

1. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability and strength.

Bajaj Allianz received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct various businesses (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE.

As on 31st March 2017, Bajaj Allianz continues to be one of the most financially robust insurers in the industry by maintaining its growth as well as profitability. The company has made a profit before tax of Rs. 1,078 crore and emerged as the most profitable insurer recording a profit after tax of Rs. 728 crore. The company reported a GWP of Rs. 7,687 crore, which has grown by 30.3% compared to the last fiscal year.