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ANNUAL REPORT 2011-12
Total of Individual and Group Business
II.2.8 Individual agents continue to play a major role
in procuring new insurance business. At the aggregate
level (individual and group business together),
individual agents contributed 46.64 per cent of the total
new business. However, their share declined
significantly from 53.90 per cent in 2010-11. The
channel which witnessed a noticeable growth as
compared to previous year was direct selling. This
mode contributed 38.78 per cent of the total new
business as compared to 32.36 per cent during the
year 2010-11.
SURVEYORS AND LOSS ASSESSORS
II.2.9 Section 64 UM of Insurance Act, 1938 while
prescribing the minimum qualifi cations for an entity to
act as surveyor and loss assessor, also provides that
any person intending to act as insurance surveyor and
loss assessor must hold a valid license to act as such.
The Act was amended in the year 1968 wherein the
need for appointment and reporting of loss by a
licensed surveyor and loss assessor to settle insurance
losses over `20,000 was introduced. Sub-section 2 of
Section 64 UM of the Act, states that “No claim in
TABLE II.5
NEW BUSINESS PREMIUM (INDIVIDUAL AND GROUP) OF LIFE INSURERS
FOR 2011-12 - CHANNEL WISE
Insurer
Individual
Agents
Corporate Agents Brokers Direct
Selling
Banks Others*
Total
Group New
Business
Referrals
Private 31.59 36.08 6.92 4.42 20.99 100.00 0.11
LIC# 52.55 1.51 0.12 0.05 45.76 100.00 0.00
Industry 46.64 11.25 2.04 1.28 38.78 100.00 0.03
* Any entity other than banks but licensed as a corporate agent.
# Does not include its overseas new business premium.
Note: 1) New business premium includes fi rst year premium and single premium.
2) The leads obtained through referral arrangements have been included in the respective channels.
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