A Study of Nationalized General Insurance Companies with Special Reference to Mediclaim and Motor Insurance A Case Study of Latur District

Abstract

Risk is one of the inseparable parts of every one s life. Nobody is exempt from it. In our day-to-day life, a person does not know what the future hold in store for him/her, thus he/she must faces the risk. Every movement of life we face different types of risk for e.g. when we drive or at public transport there is risk of accident and loss of life or permanent disability. Human being meet untimely death because number of illness like; Heart problem, renal failure, diabetes, cancer, etc., Even at home there is a risk of fire or earth quake or number of risks will loss or destroy our life or the property. Hence the desire for protection against such type of risk the need for Insurance may arise. newlineInsurance sector in India completed full cycle of privatization to nationalization and again privatization. Basically, it starts from the private sector; in 1818 Europeans founded The Oriental Insurance Company established in Calcutta. In 1972 insurance sector was nationalized and again in 2000 it was free for the private sector. LPG policy made changes in insurance sector in India, after liberalization both Life Insurance and General Insurance sectors shows tremendous growth. Urban and rural sector got benefits of insurance. General insurance plays vital role in economic growth by providing protection against loss of property. The entry of the private players has definitely transformed the nature and scale of competition, better and faster services to the customers. Private and Government insurance companies are performing well. They are competing and providing better service to customers. newlineInsurance is conventionally the most popular method of risk transfer. Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium or it is a thing providing protection against a possible eventuality. Insurance sector in India is growing rapidly and contributing to economic growth. Population is opp