annual report 2008-09 - IRDA

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ANNUAL REPORT 2008-09 50 MANJU ARORA 51 MATHANGI SARITHA 52 MBVN MURTY 53 M M NIZAMUDDIN 54 MUKESH KUMAR 55 MUKESH SHARMA 56 NANDAN KUMAR 57 NARENDRA SINGH 58 NEERAJ MANI TRIPATHI 59 NIMISHA SRIVASTAVA 60 P K MAITI 61 P MAJUMDER 62 R KUMAR 63 R PARDHA SARADHI 64 R LALITHA KUMARI 65 RAVINDER KAUR 66 R SANGEETHA 67 R UMA MAHESWARI 68 RAJ KUMAR SHARMA 69 RAKESH K BAJAJ 70 RAKESH SARODEY 71 RANDIP SINGH JAGPAL 72 RAVINDRA DAS 73 S KARTIKEYA SARMA 74 S N JAYASIMHAN 75 S P CHAKRABORTY 76 SANEETHA K A 77 SANJAY KUMAR VERMA 78 SANJAY MOHAN SHARMA 79 SANJEEV KUMAR JAIN 80 SARATCHANDRA 81 SHARDUL SURESH ADMANE 82 SHASHI PAL 83 SHIKSHA SHAHA 84 SHYAM SUNDAR MOHAKUD 85 SIVA PRASAD YEDDU 86 SONIA SINGH 87 SUDIPTA BHATTACHARYA 88 SUJOY SAHA 89 SUNITHA L V S 90 SURESH MATHUR 91 SURESH NAIR 92 SUSAN ITTYERAH 93 SUSH PAL 94 T S NAIK 95 TATI KIRAN 96 TRILOKI NATH 97 V V N KIRANKUMAR SHARMA 98 VIKAS JAIN 99 VINAY KUMAR MATHANGI 100 U JAWAHARLAL xii
ANNUAL REPORT 2008-09 OVERVIEW The performance of the insurance sector in financial year 2008-09 was largely influenced by the sub-prime crisis. The sub-prime crisis started in the United States in late 2007, evolved as a financial crisis in US and later engulfed Europe and UK. By late 2008 it seeped into Asia. As a result, the financial crisis deepened among many countries of the world, thus forcing the respective governments to take necessary steps to come out of the crisis. Besides increased unemployment in various countries, economic growth was also hampered and the IMF and World Bank lowered the world economic contraction for 2008-09 to 1.1 per cent lower than what was projected earlier. Fall of financial institutions and lack of confidence in the banking system impacted the financial markets. Money and capital markets tumbled down to their lowest levels across the world. As a result, many investors lost their wealth. Internationally, except for a few large companies, insurance companies were fairly insulated, though for the first time since 1980, insurance premiums declined in real terms with non-life premiums falling by 0.8 per cent and life premiums falling at a much higher rate of 3.5 per cent. Further, because of higher volatility in the financial markets, insurance companies, lost heavily on investment income. As such, the profitability of the insurance companies deteriorated in 2008 not only due to low investment yields but also because of high cost of guarantees and lower revenues from management fees. As a consequence of the impairment of the value of their investments both banks and insurance companies were forced to recapitalize to meet regulatory requirements. This has thrown a big challenge, as investors lost substantial wealth and were reluctant and unable to make further investments and there was scarcity of capital. The governments across the world have started infusing capital into the financial system so as to bring back stability into the system. Though well insulated, India, could not totally escape the tide of the financial crisis. Due to its higher levels of income growth during the past five years as also because of prudent financial management underpinned by sound and solid banking system supporting the payment and settlement procedures, India had limited the contagion effect. However, the stock values declined sharply effecting capital availability. India also had to loose some of its policies and adopted both conventional and unconventional methods to contain the contagion effect. The Indian economy which had grown at an average of 8.8 per cent before 2008-09 could grow only at 6.7 per cent. While the first half of 2009-10 has seen a substantial mitigation of the financial effects of the crisis and markets and covering, the crisis has raised serious concerns compelling Governments and Regulators to consider various steps necessary to strengthen the financial system in the long term. This is an evolving exercise under the leadership of the G-20. The principal elements of the strategy recommended by the G-20 are to make more robust the Capital Adequacy and Solvency norms specified for various types of financial enterprises, more comprehensive regulatory oversight, increased surveillance of large and systemically critical financial entities and greater sharing of information across countries. Insurance in India has been viewed as a tax saving instrument and risk cover in life insurance was purely incidental. The mindset continues to be the same, although the unit-linked instruments are becoming popular. The emergence of pure risk products has thus taken a back seat. Lapsation is a serious issue. Life insurers are striving to design imaginative products so as to ensure long term commitments from the policyholders. In the process there is a need for the distributors to play a key role in identifying the needs of the prospect and then sell insurance so that long-term retention of customers is established. In India, most of the healthcare spending is by way of out-of-pocket expenses and in this background the sudden surge of health insurance with a 60 per cent growth is phenomenal. Besides, health insurance portfolio is itself new to the Indian domain and thus the growth is additionally significant. A part of this growth is certainly on account of the increase in the awareness levels of the people. Nevertheless, it is not that everything is hunky dory and fine with the class. Customer grievances continue to haunt the health insurers. Issues relating to providing health insurance to senior citizens, and at affordable premiums are an area that has been in the limelight. With better clarity on pre-existing diseases and premium rates, it is hoped that a lot of controversies associated with this class could be nullified. It is also important, that policyholders should realize the importance and the basic principles of insurance, before getting into any claim-related disputes. 1
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ANNUAL REPORT 2008-09 Contd.. (Rs.
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ANNUAL REPORT 2008-09 THE INSURANCE
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