Insurance other than life insurance falls under the category – General Insurance. General Insurance comprises of insurance of property against fir, theft etc.
General insurance in India came when Industrial revolution and the consequent growth of sea – fearing trade and commerce in the 17th Century. It came to India or British occupation.
Insurance Act was passed in 1928 but it was subsequently reviewed and comprehensive legislation was enacted in 1938.
In 1957, General Insurance council, a wing of Insurance Association of India, framed a code of conduct and sound business practices.
In 1968, The Insurance Act, 1938 was amended to regulate investments and set minimum solvency margin and the tariff advisory committee set up.
General Insurance or Non Life Insurance policies, including automobile and homeowner policies, provide payments depending on the loss from a particular financial event.
General Insurance Corporation was incorporated as a company in 1972 and it commenced business on 1st January, 1973.
Types of General Insurance:
Insurance of Property: Now people for assets that to tangible assets. Tangible means property has a physical shape and consistency – it is subject to many risks ranging from fire, theft and robbery. An individual’s lifetime of hard work can be wiped out in a blink of an eye.
So, person judiciously invests in insurance for his property prior to an unexpected contingency then he will be suitable compensated for his loss as soon as the extent of damage is ascertained.
Property Insurance protection against most risks to property such as Fire Insurance, Theft Insurance, Flood Insurance and Earthquake Insurance.
Motor / Auto / Car / Vehicle Insurance
Earthquake Insurance
Flood Insurance
Home Insurance
Indemnity Insurance
Pet Insurance
