Aartee Mishra is teaching live on Unacademy Plus
aily Lectuire Series brief summary o Insurance in India- Ramesh Singh' V unacadeny y Aartee Mishra Indian Economy Hindi
lam Aartee Mishra Graduated from Delhi University, Topper in all my semesters, Pursuing P.G and preparing for CSE. 2 Years of teaching experience of General Studies for competitive examination Have been teaching on Unacademy Plus
Reinsurance Insurance is a very risky business. While the insurance companies offer insurance to its clients, they themselves get exposed to very high financial risks. Re-insurance business emerged out of this reality. When an insurance company buys insurance cover for its insurance business, a new segment comes into being i.e., re-insurance. Experts believe that in absence of re-insurance, insurance industry in a country will not grow to the level of the social requirement-as insurance companies will either not provide insurance cover in several areas or they will charge very high premiums on the policies they offer (to neutralise the risk). Keeping this thing in mind, the Government of India took initiative to convert the existing public sector general insurer, the GlC, into a re-insurance company (in 2000) Known as the GIC Re, it remained the only reinsurance company in the country till now. Over the time, this emerged as a major player in the global reinsurance industry. Reinsurance industry is regulated by the IRDA in the country
Reinsurance To promote competition and vibrancy the IRDA announced (late 2015) to open up the industry for the entry of foreign companies. In March 2016, the IRDA gave initial approval (known as R1, in regulatory parlance) to four foreign reinsurance companies. Among them, two belong to Germany (Munich Re, Hannover), one each to Switzerland (Swiss Re) and France (SCOR) Munich Re is the largest reinsurance player in the world while Swiss Re is the second largest and Hannover comes third in global size. Two other foreign companies (US-based Reinsurance Group of America and UK-based XL Catlin) are waiting for the initial approval. These companies will start their operation once they get the final approval (known as R2)
NEW INSURANCE SCHEMES During the fiscal 2015-16, the Government of India launched two new insurance schemes aimed at creating a universal social security system for all Indians, especially the poor and the underprivileged. Salient features of these schemes have been briefly discussed below PMSBY (Pradhan Mantri Suraksha Bima Yojana): It offers a renewable one-year accidental-death-cum-disability cover to all subscribing bank account holders in the age group of 18 to 70 years for a premium of Rs. 12 per annum per subscriber. The risk coverage available will be rupees two lakh for accidental death and permanent total disability and rupees one lakh for permanent partial disability, for a one-year period stretching from 1 June to 31 May. By January 2016, gross enrolment by banks under the scheme was over 9.28 crore. PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana): The scheme offers a renewable one-year term life cover of rupees two lakh to all subscribing bank account holders in the age group of 18 to 50 years. By January 2016, gross enrolment by banks under it was over 2.93 crore.
NCERT Class 6-12 Summary of All the Subjects Prelims & Mains Subjects Covered Aartee Mishr Polity: Governance, Society, Public Administration Geography: Indian and World Geography, All Important Maps, Physical and Political Features, Disaster Management History: Ancient, Medieval, Modern with Art & Culture Economics: Basic Concepts, Understanding Economic Development Science: Important Chapters of Environment and Ecology Course Starting from, 25th July 9:30pm-10:30pm on Unacademy Plus
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