ANNUAL REPORT

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1 ANNUAL REPORT INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY INDIA Head Office Delhi Office 3 rd Floor, Parishram Bhavan Gate No. 3, 1 st Floor, Jeevan Tara Basheerbagh, Hyderabad Parliament Street, New Delhi INDIA INDIA Phone : / 1300 Phone : Fax : Fax : Website:

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3 yeercee efjeefve³eecekeà Deewj efjekeàeme He eefoekeàjce INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY œ Š Ÿ œ ž Ä. 101/3/ & ú/ ú/ /22/ Æ» Æ», 2013 \, ĈŠˆÅ Ä ž Š, î Ÿ ú, ] ú úœ Š, Ÿ Š Ä, ú ú ªúŸ, íÿ úÿ Ÿ ˆÅ ¾ ˆÅ œï š ˆÅ μ š Ÿ, 1999 ˆÅú š 20 ˆ½Å œ š ½ ˆ½Å º, 31 Ÿ \ Ä 2013 ˆÅ ½ Ÿ œ íº ½ «Ä ˆ½Å ½ œï š ˆÅ μ ˆÅú «ÄˆÅ œ ½ Ä ˆÅú ˆÅ œï, š» \ ú...œï. ( «ÄˆÅ œ ½ Ä μ, μ ½ ¾ «½ ˆÅ ½ œï º ˆÅ ] ) Ÿ, 2000 ˆ½Å í œï ³Åœ Ÿ ½ ž ½] í½ íÿ ž ú, LETTER OF TRANSMITTAL Ref. No. 101/3/R&D/SD/AR /22/Oct nd October, 2013 The Secretary, Department of Financial Services Ministry of Finance 3 rd Floor, Jeevan Deep Building Parliament Street New Delhi Sir, ( ú.. ) š In accordance with the provisions of Section 20 of the Insurance Regulatory and Development Authority Act, 1999, we are sending herewith a copy of the Annual Report of the Authority for the financial year ended 31 st March, 2013 in the format prescribed in the IRDA (Annual Report Furnishing of return, statements and other particulars) Rules, Yours faithfully, (T S VIJAYAN) Chairman HeefjÞece YeJeve, leermeje leue, yemeerjyeeie, nwojeyeeo Yeejle : , HewÀkeÌme : F&-cesue : Jesye: Parishram Bhavan, 3 rd Floor, Basheerbagh, Hyderabad INDIA Ph.: , Fax : Web.:

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5 CONTENTS Page No. MISSION STATEMENT TEAM AT IRDA OVERVIEW 1 PART I POLICIES AND PROGRAMMES I.1 General Economic Environment I.2 World Insurance Scenario I.3 Appraisal of Indian Insurance Market I.4 Review I.4.1 Protection of Interests of Policyholders I.4.2 Maintenance of Solvency Margin of Insurers I.4.3 Monitoring of Reinsurance I.4.4 Insurance Pools I.4.5 Monitoring of Investments by the Insurers I.4.6 Health Insurance I.4.7 Business in the Rural and Social Sectors I.4.8 Financial Reporting and Actuarial Standards I.4.9 Anti-Money Laundering/Counter Financing of Terrorism Programme I.4.10 Crop Insurance I.4.11 Micro Insurance I.4.12 Directions, Orders and Regulations issued by the Authority I.4.13 Right to Information Act, PART II REVIEW OF WORKING AND OPERATIONS II.1 Regulation of Insurance and Reinsurance Companies II.2 Intermediaries Associated with the Insurance Business II.3 Professional Institutions connected with Insurance Education II.4 Litigations, Appeals and Court Pronouncements II.5 International Cooperation in Insurance II.6 Public Grievances II.7 Insurance Associations and Insurance Councils II.8 Insurance Information Bureau II.9 Functioning of the Advisory Committee II.10 Functioning of Ombudsmen v

6 PART III STATUTORY AND DEVELOPMENTAL FUNCTIONS OF THE AUTHORITY vi Page No. III.1 Issue to the applicant a certifi cate of registration, renew, modify, withdraw, suspend or cancel such registration III.2 Protection of the interests of policyholders in matters concerning assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance III.3 Specifying requisite qualifi cations, code of conduct and practical training for intermediaries or Insurance Intermediaries and agents III.4 Specifying the code of conduct for surveyors and loss assessors III.5 Promoting effi ciency in the conduct of insurance business III.6 Promoting and regulating professional organisations connected with the insurance and reinsurance business III.7 Levying fees and other charges for carrying out the purposes of the Act III.8 Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organisations connected with the insurance business III.9 Control and regulation of rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business not so controlled and regulated by the Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938) III.10 Specifying the form and manner in which books of accounts shall be maintained and statements of accounts shall be rendered by Insurers and other insurance intermediaries III.11 Regulating investment of funds by insurance companies III.12 Regulating maintenance of solvency margin III.13 Adjudication of disputes between Insurers and Intermediaries or Insurance Intermediaries III.14 Supervising the functioning of the Tariff Advisory Committee III.15 Specifying the percentage of premium income of the insurer to fi nance schemes for promoting and regulating professional organisations III.16 Specifying the percentage of life insurance business and general insurance business to be undertaken by the Insurers in the rural and social sectors III.17 Exercising such other powers as may be prescribed

7 Page No. PART IV ORGANISATIONAL MATTERS IV.1 Organisation IV.2 Meetings of the Authority IV.3 Human Resources IV.4 Internal Committee for Women Employees IV.5 Promotion of Offi cial Language IV.6 Research and Development IV.7 Status of Information Technology IV.8 Accounts IV.9 IRDA Journal IV.10 Acknowledgements BOX ITEMS 1. Market Concentration in the Life Insurance Business Structural Transition of Indian Non-life Insurance Expanding the Reach of Insurance Usage of Technology Platform for Dissemination of Insurance Knowledge Health Insurance Initiatives Expansion of Micro Insurance Agency New Initiatives in the Intermediary Space Report on Insurance Dynamics of Luxury Cars Financial Sector Assessment Program TEXT TABLES I.1 National Income I.2 Sector Wise Growth of National Income I.3 Total Real Premium Growth Rate in I.4 Region Wise Life and Non-life Insurance Premium I.5 Insurance Penetration and Density in India I.6 Registered Insurers in India I.7 Premium Underwritten: Life Insurers I.8 Market Share: Life Insurers I.9 New Policies Issued: Life Insurers I.10 Paid-up Capital: Life Insurers I.11 Commission Expenses: Life Insurers I.12 Commission Expense Ratio: Life Insurers vii

8 Page No. I.13 Operating Expenses: Life Insurers I.14 Operating Expense Ratio: Life Insurers I.15 Individual Death Claims of Life Insurers During I.16 Group Death Claims: Life Insurers I.17 Dividends Paid by Life Insurers I.18 Number of Life Insurance offi ces I.19 Distribution of Offi ces of Life Insurers I.20 Gross Direct Premium Income in India: Non-Life Insurers I.21 Company Wise Gross Direct Premium Income in India: Non-Life Insurers I.22 Premium (Within India) Underwritten by Non-Life Insurers Segment Wise I.23 Ratio of Outside India Premium to Total Premium I.24 Gross Direct Premium from Business Outside India: Non-Life Insurers I.25 Number of New Policies Issued: Non-Life Insurers I.26 Paid Up Capital: Non-Life Insurers and Reinsurer I.27 Underwriting Losses: Non-Life Insurers I.28 Commission Expenses: Non-Life Insurers I.29 Operating Expenses: Non-Life Insurers I.30 Net Incurred Claims: Non-Life Insurers I.31 Incurred Claims Ratio: Non-Life Insurers I.32 Investment Income: Non-Life Insurers I.33 Net Profi ts/losses: Non-Life Insurers I.34 Dividends Paid: Non-Life Insurers I.35 Number of Non-Life Insurance Offi ces I.36 Number of Non-life Offi ces Tier Wise I.37 Net Retained Premium on Indian Business as per cent of Gross Direct Premium I.38 Reinsurance Placed as per cent of Gross Direct Premium I.39 Reinsurance Ceded Outside India on Indian Business I.40 Net Retentions of Non-Life Insurers as per cent of Gross Direct Premium (Including GIC) I.41 Premium Rates for Terrorism Risk Insurance I.42 Share of Member Companies in the Indian Terrorism Pool I.43 Expected Ultimate Liabilities by GAD Estimate (IMTPIP) I.44 Due Dates for Net Settlements amongst the Pool Members (IMTPIP) viii

9 Page No. I.45 Premium Ceded under Declined Risk Pool I.46 Total Investments of the Insurance Sector I.47 Total Investments of Life Insurers: Instrument-wise I.48 Investments of Life Insurers: Fund-wise I.49 Growth of Investments: Fund-wise I.50 Total Investments of Non-Life Insurers: Instrument-wise I.51 Health Insurance Premium I.52 New TPA Licenses Issued I.53 TPA Licenses Renewed I.54 Third Party Administrators Claims Data I.55 Third Party Infrastructure I.56 New Business under Micro Insurance Portfolio I.57 Micro Insurance Agents of Life Insurers I.58 Individual Death Claims under Micro Insurance Portfolio I.59 Group Death Claims under Micro Insurance Portfolio I.60 Duration-Wise Settlement of Death Claims in Micro Insurance Individual Category I.61 Duration-Wise Settlement of Death Claims in Micro Insurance Group Category I.62 List of Central Public Information Offi cers II.1 Details of Individual Agents of Life Insurers II.2 Details of Corporate Agents of Life Insurers II.3 Individual New Business Performance of Life Insurers Channel Wise II.4 Group New Business Performance of Life Insurers Channel Wise II.5 New Business Premium (Individual and Group) of Life Insurers Channel Wise II.6 Number of Licenses Issued to Surveyors and Loss Assessors II.7 Grievances Relating to Surveyors and Loss Assessors II.8 State wise Spread of Insurance Brokers II.9 Web Aggregators Approved by the Authority II.10 Details of Cases Filed II.11 Petitions/Cases Disposed / Dismissed II.12 Status of Grievances: Life Insurers II.13 Unfair Business Practice Complaints II.14 Status of Grievances: Non-Life Insurers II.15 Disposal of Complaints by Ombudsmen III.1 Penalties Levied by the Authority ix

10 Page No. CHARTS I.1 Share of Sectors in GDP I.2 Insurance Penetration in Select Countries I.3 Insurance Density in Select Countries I.4 Insurance Penetration in India I.5 Insurance Density in India I.6 Premium Underwritten by Life Insurers I.7 Duration wise Break-up of Claims Pending Individual Policies I.8 Duration Wise Break-up of Claims Pending Group Policies I.9 Number of Life Insurance Offi ces I.10 Geographical Distribution of Offi ces of Private Sector Life Insurers I.11 Gross Direct Premium of Non-Life Insurers (Within & Outside India) I.12 Segment-Wise Premium of Non-life Insurers I.13 Number of Non-Life Insurance Offi ces Tier Wise I.14 Premium Underwritten by Standalone Health Insurers II.1 Individual New Business Premium of Life Insurers Channel Wise II.2 Group New Business Premium of Life Insures Channel Wise II.3 New Business Premium of Life Insurers (Individual & Group) II.4 Classifi cation of Life Complaints II.5 Classifi cation of Non-Life Complaints II.6 Class-wise Non-Life Complaints STATEMENTS 1. International Comparison of Insurance Penetration International Comparison of Insurance Density First Year Life Insurance Premium Total Life Insurance Premium Individual New Business Performance of Life Insurers Channel wise Group New Business Performance of Life Insurers Channel wise State-wise Individual New Business Underwritten State-wise Group New Business Underwritten State-wise Life Insurance Penetration and Density of Individual New Business Individual Business (Within India) Business in Force (Number of Policies) Individual Business (Within India) Business in Force (Sum Assured) Linked and Non-Linked Premium of Life Insurers Linked and Non-Linked Commission of Life Insurers x

11 Page No. 14. Individual Death Claims Group Death Claims Duration wise Settlement of Death Claims Individual Category Duration wise Settlement of Death Claims Group Category Assets under Management of Life Insurers Equity Share Capital of Life Insurers Solvency Ratio of Life Insurers Life Insurers Policyholders Account Life Insurers Shareholders Account Life Insurers Balance Sheet Life Insurance Corporation of India Policyholders Account (Non-Participating) Life Insurance Corporation of India Shareholders Account (Non-Participating) Life Insurance Corporation of India Balance Sheet (Non-Participating) Individual Business (within India) Details of Forfeiture/Lapsed Policies in respect of Individual Non-Linked Business Persistency of Life Insurance Policies Individual Agents of Life Insurers Corporate Agents of Life Insurers Average Number of Policies Sold by Individual and Corporate Agents Average New Business Premium for Individual and Corporate Agents Average Premium per Policy for Individual and Corporate Agents State-wise Distribution of Offi ces of Life Insurers Region-wise Distribution of Offi ces of Life Insurers State-wise Coverage of Districts by Life Insurers State-wise Distribution of Individual Agents New Business under Micro Insurance Portfolio Life Insurance Death Claims under Micro Insurance Portfolio Individual Category Death Claims under Micro Insurance Portfolio Group Category Duration-wise Settlement of Micro Insurance Claims Individual Category Duration-wise Settlement of Micro Insurance Claims Group Category Company-wise Number of Micro Insurance Agents Gross Direct Premium of Non-Life Insurers (Within & Outside India) Segment-wise Gross Direct Premium of Non-Life Insurers (Within India) Segment-wise Net Premium Income (Earned) xi

12 Page No. 47. Health Insurance other than Travel-Domestic/Overseas & Personal Accident: Gross Premium and Number of Persons Covered Health Insurance other than Travel-Domestic/Overseas & Personal Accident: Incurred Claims Ratio Personal Accident Insurance Gross Premium and Number of Persons Covered Personal Accident Insurance Incurred Claims Ratio Overseas Travel Insurance Gross Premium and Number of Persons Covered Overseas Travel Insurance Incurred Claims Ratio Domestic Travel Insurance Gross Premium and Number of Persons Covered Domestic Travel Insurance Incurred Claims Ratio Channel wise Gross Direct Premium of Non-life Insurers State-wise Gross Direct Premium Income of Non-life Insurers Incurred Claims Ratio Public Sector Non-life Insurers Incurred Claims Ratio Private Sector Non-life Insurers Underwriting Experience and Profi ts of Public Sector Companies Underwriting Experience and Profi ts of Private Sector Companies Assets under Management of Non-life Insurers Equity Share Capital of Non-life Insurers Solvency Ratio of Non-life Insurers Public Sector Non-life Insurers Policyholders Account Public Sector Non-life Insurers Shareholders Account Public Sector Non-life Insurers Balance Sheet Private Sector Non-life Insurers Policyholders Account Private Sector Non-life Insurers Shareholders Account Private Sector Non-life Insurers Balance Sheet Health Insurers Policyholders Account Health Insurers Shareholders Account Health Insurers Balance Sheet Export Credit Guarantee Corporation Ltd. (ECGC) Policyholders Account Export Credit Guarantee Corporation Ltd. (ECGC) Shareholders Account Export Credit Guarantee Corporation Ltd. (ECGC) Balance Sheet Agriculture Insurance Company of India Ltd. (AIC) Policyholders Account Agriculture Insurance Company of India Ltd. (AIC) Shareholders Account Agriculture Insurance Company of India Ltd. (AIC) Balance Sheet General Insurance Corporation (GIC) Policyholders Account xii

13 Page No. 80. General Insurance Corporation (GIC) Shareholders Account General Insurance Corporation (GIC) Balance Sheet State-wise Number of Offi ces of Non-Life Insurers State-wise Coverage of Districts by Non-Life Insurers Number of Claims Serviced by Third Party Administrators Status of Grievances Life Insurers Status of Grievances Non-Life Insurers Performance of Ombudsmen at Different Centres Life Insurance Performance of Ombudsmen at Different Centres Non-Life Insurance Performance of Ombudsmen at Different Centres Life and Non-Life Insurance Combined ANNEX 1. Insurance Companies Operating in India Fee Structure for Insurers and Various Intermediaries (i) Indian Assured Lives Mortality ( ) Ultimate (ii) Mortality Rates of Annuitants: LIC (A) ( ) Ultimate Life Insurance Products cleared during the fi nancial year List of Micro Insurance Products of Life Insurers Non-Life Insurance Products cleared during the fi nancial year Health Insurance Products cleared during the fi nancial year Obligatory Cessions received by GIC Circulars / Orders / Notifi cations issued by the Authority during the fi nancial year Regulations framed under the IRDA Act, xiii

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15 MISSION STATEMENT To protect the interest of and secure fair treatment to policyholders; To bring about speedy and orderly growth of the insurance industry (including annuity and superannuation payments), for the benefi t of the common man, and to provide long term funds for accelerating growth of the economy; To set, promote, monitor and enforce high standards of integrity, fi nancial soundness, fair dealing and competence of those it regulates; To ensure speedy settlement of genuine claims, to prevent insurance frauds and other malpractices and put in place effective grievance redressal machinery; To promote fairness, transparency and orderly conduct in fi nancial markets dealing with insurance and build a reliable management information system to enforce high standards of fi nancial soundness amongst market players; To take action where such standards are inadequate or ineffectively enforced; To bring about optimum amount of self-regulation in day-to-day working of the industry consistent with the requirements of prudential regulation.

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17 ANNUAL REPORT TEAM AT IRDA (As on 30th September, 2013) T S Vijayan CHAIRMAN (from 21st February, 2013) MEMBERS R K Nair M Ramaprasad S Roy Chowdhury D D Singh (from 20th May, 2013) xvii

18 PART TIME MEMBERS Anup Wadhawan (from 30 th July, 2013) Prof V K Gupta Subodh Kumar Agarwal (from 12 th February, 2013) S B Mathur (from 24 th September, 2012) EXECUTIVE DIRECTOR Sriram Taranikanti (Administration) xviii

19 ANNUAL REPORT SENIOR JOINT DIRECTORS Suresh Mathur M Pulla Rao Lalit Kumar Chandel JOINT DIRECTORS Dr Mamta Suri Randip Singh Jagpal Mukesh Sharma S N Jayasimhan J Meenakumari Yegna Priya Bharath xix

20 JOINT DIRECTORS A R Nithiyanantham Rakesh K Bajaj S K Jain T S Naik V Jayanth Kumar Ramana Rao A H Ananthakrishnan xx

21 NAME DESIGNATION CHAIRMAN'S OFFICE Mr. T S VIJAYAN Mr. G R SURYA KUMAR Mr. V S NARENDRA CHANDRA Mr. V V N KIRANKUMAR SHARMA Chairman Deputy Director Junior Offi cer (PS to Chairman) Assistant MEMBERS'/ED OFFICES Mr. R K NAIR Mr. M RAMAPRASAD Mr. SUDHIN ROY CHOWDHURY Mr. D D SINGH Mr. SRIRAM TARANIKANTI Mr. A KESHAVA RAO Ms. M L SOWJANYA Ms. B ARUNA Mr. B S VENKATESH Mr. A RAMA SUDHEER Member (Finance & Investment) Member (Non-life) Member (Life) Member (Distribution) Executive Director Junior Offi cer (PS to Member, F&I) Junior Offi cer (PS to Member, Non-life) Junior Offi cer (PS to Member, Life) Junior Offi cer (PS to Member, Distribution) Junior Offi cer (PS to Executive Director) ACCOUNTS DEPARTMENT Mr. M. PULLA RAO Mr. PRASSAD RAO KALAYRU Mr. BISWAJIT SAMADDAR Mr. SHYAM SUNDAR MOHAKUD Mr. B BALAKRISHNA Senior Joint Director (Addl charge) Deputy Director & CAO Assistant Director Junior Offi cer Assistant ACTUARIAL DEPARTMENT Ms. J MEENA KUMARI Ms. J ANITA Mr. PRABHAT KUMAR MAITI Mr. N S K PRABHAKAR Mr. C. SRINIVASA KUMAR Mr. MANOJ KUMAR Ms. SUSAN ITTYERAH Ms. UMA MAHESHWARI Mr. DNKLNK CHAKRAVARTHI Mr. MBVN MURTHY Ms. D GYANA PRASUNA Mr. SANTOSH KUMAR MISHRA Ms. YOGITA RAWAT Joint Director Deputy Director Deputy Director Deputy Director Deputy Director Deputy Director Senior Assistant Director Senior Assistant Director Assistant Director Assistant Director Assistant Director Assistant Director Assistant Director xxi

22 NAME Mr. ASHUTOSH KUMAR RAJESH Ms. R. SANGEETHA Ms. LEKSHMI PILLAI Mr. B SARATCHANDRA Mr. SUJOY SAHA DESIGNATION Assistant Director Junior Offi cer Junior Offi cer Assistant Assistant ADMINISTRATION DEPARTMENT Mr. M. PULLA RAO Mr. MUKESH SHARMA Mr. N. M. BEHERA Mr. K CHITTIBABU Mr. VIKAS KUMAR KAPOOR Mr. SUSH PAL Senior Joint Director (Addl charge) Joint Director (Addl charge) Deputy Director (Addl charge) Assistant Director Junior Offi cer Assistant CORPORATE SERVICES Mr. Y S PRASAD Dr. (Ms) RAVINDER KAUR OSD (Addl charge) Assistant Director CONSUMER AFFAIRS DEPARTMENT Mr. LALIT KUMAR CHANDEL Ms. KGPL RAMA DEVI Mr. G MALLIKARJUN Mr. KAMAL CHOWLA Ms. MATHANGI SARITHA Mr. MANOJ KUMAR ASIWAL Mr. SOMESHWAR RAO BUSI Mr. NEERAJ MANI TRIPATHI Mr. ISHTIAQUE ALAM Financial Advisor Deputy Director OSD Assistant Director Assistant Director Assistant Director Junior Offi cer (PS to Financial Advisor) Assistant Assistant DELHI OFFICE Ms. MANJU ARORA Mr. HARI Mr. SHASHI PAL Senior Assistant Director Junior Offi cer Record Keeper FINANCE AND ACCOUNTS (LIFE) DEPARTMENT Mr. RAJ KUMAR SHARMA Mr. SHARDUL SURESH ADMANE Mr. MOHAMMAD AYAZ Mr. RAMBABU GORLI Mr. AMEER HASSAN Deputy Director Senior Assistant Director Assistant Director Assistant Director Assistant xxii

23 NAME DESIGNATION FINANCE AND ACCOUNTS (NON LIFE) DEPARTMENT Mr. S N JAYASIMHAN Mr. AMMU VENKATA RAMANA Mr. SANJAY MOHAN SHARMA Mr. P MAJUMDER Mr. TRILOKI NATH Mr. ANURAG BAJPAI Joint Director Deputy Director Assistant Director Junior Offi cer Assistant Assistant HEALTH DEPARTMENT Ms. YEGNA PRIYA BHARATH Mr. NILAMADHAB BEHERA Ms. JYOTI AJIT VAIDYA Mr. MUNSHI M NIZAMUDDIN Mr. R PARDHA SARADHI Mr. BHASKER P KHADAKBHAVI Ms. JAMUNA CHOUDHARY Mr. K RAJASIMHA Ms. K A SANEETHA Joint Director Deputy Director Deputy Director Assistant Director Assistant Director Assistant Director Assistant Director OSD Assistant HUMAN RESOURCES DEPARTMENT Mr. M. PULLA RAO Mr. T VENKATESWARA RAO Ms. L V S SUNITHA Ms. A SAGEENA Senior Joint Director (Addl charge) Deputy Director Assistant Director Assistant Director INSPECTION DEPARTMENT Mr. M. PULLA RAO Mr. MUKESH SHARMA Mr. S P CHAKRABORTY Mr. SUDIPTA BHATTACHARYA Mr. K MAHIPAL REDDY Mr. VIKAS JAIN Mr. Ch B CHANDRASEKHARA RAO Mr. G SIVARAMAKRISHNA Mr. NEELESH GUPTA Mr. MURTHY LAKSHMI NARASIMHA DASARI Mr. BASKER THEERTHARAMAN Mr. V SATYA SRINIVAS Mr. Y SRINIVASU Ms. P KANTHISHREE Senior Joint Director Joint Director Deputy Director Deputy Director Deputy Director Assistant Director Assistant Director Assistant Director Assistant Director Assistant Director Assistant Director OSD OSD Junior Offi cer (PS to SJD Inspection) xxiii

24 NAME DESIGNATION INTERMEDIARIES DEPARTMENT Mr. SURESH MATHUR Mr. RAKESH BAJAJ Ms. KGPL RAMA DEVI Mr. S V HEGDE Ms. NIMISHA SRIVASTAVA Mr. D SRINIVASA MURTHY Mr. B V SASTRY Mr. MUKESH KUMAR Ms. NEETU SHAHADADPURI Mr. P HIMAKIRAN Mr. K RAMBABU Mr. TATI KIRAN Mr. INDRADEEP SAH Mr. AJEET ORAON Senior Joint Director Joint Director Deputy Director (Addl charge) OSD Senior Assistant Director Senior Assistant Director OSD Assistant Director Assistant Director Assistant Director Assistant Director Assistant Assistant Junior Offi cer (PS to SJD Intermediaries) AGENCY DISTRIBUTION Mr. T S NAIK Mr. DEEPAK KHANNA Ms. SHIKSHA SAHA Mr. RAJESWAR GANGULA Mr. MANISH MISRA Mr. RAVINDRA DAS Joint Director Deputy Director Senior Assistant Director Assistant Director Assistant Director Assistant INVESTMENT DEPARTMENT Mr. RAMANA RAO ADDANKI Mr. Y SRINIVASA RAO Mr. SURESH NAIR Mr. MAHESH AGARWAL Mr. BISWAJIT DAS Mr. RAKESH SARODEY Joint Director OSD Senior Assistant Director Senior Assistant Director OSD Assistant INFORMATION TECHNOLOGY DEPARTMENT Mr. A R NITHIAYANANTHAM Mr. DEEPAK KUMAR GAIKWAD Mr. SANJAY KUMAR VERMA Mr. G S KRISHNAN Mr. UMAPATHY RAJ Mr. DEVENDER KUMAR Joint Director Deputy Director Deputy Director OSD OSD Junior Offi cer xxiv

25 NAME Mr. M S CHAKRAVARTHY Mr. VINAY KUMAR MATHANGI Mr. KLN RAGHAVA KUMAR DESIGNATION OSD Assistant Assistant LEGAL DEPARTMENT Mr. H ANANTHAKRISHNAN Mr. Y S PRASAD Mr. B RAGHAVAN Mr. BADUGU JHANSREE Mr. K SRINIVAS Mr. ALEEM AFAQUE Mr. NARENDRA SINGH Joint Director OSD Senior Assistant Director OSD Assistant Director Assistant Director Assistant LIFE DEPARTMENT Mr. V JAYANTH KUMAR Mr. D V S RAMESH Mr. R KUMAR Mr. GAUTAM KUMAR Mr. V CHANDRASEKHAR Mr. S KARTIKEYA SARMA Ms. LALITHA KUMARI Mr. K SRIDHAR RAO Mr. H BABU YOGISH Ms. V CHITRA Mr. SIVA PRASAD YEDDU Mr. AKASH DANGWAR Joint Director Deputy Director Deputy Director Deputy Director OSD Assistant Director Assistant Director Assistant Director Assistant Director Assistant Director Assistant Assistant NON LIFE DEPARTMENT Mr. RANDIP SINGH JAGPAL Mr. SANJEEV KUMAR JAIN Ms. SUDHA RAMANUJAM Mr. PANKAJ KUMAR TEWARI Mr. R SRINIVASAN Mr. K. SRIDHAR Mr. ANIL KUMAR THATIPALLI Mr. PARAMESHWAR LIMBAJIRAO SHELKE Mr. SHRIHARI ALLAMSETTY Mr. SUKESH KUMAR Mr. K V RAJU Joint Director Joint Director Deputy Director Deputy Director OSD Assistant Director Assistant Director Assistant Director Assistant Director Assistant Director OSD xxv

26 NAME Ms. CHINSI CHANDRA Mr. L RAJEEV Mr. GANDI VENKATA RAMANA Mr. D RAJANIKANTH DESIGNATION OSD OSD Assistant Assistant OFFICIAL LANGUAGE IMPLEMENTATION Ms. JYOTI BHAGAT Assistant Director SECTORAL DEVELOPMENT DEPARTMENT Dr. (Ms) MAMTA SURI Dr. (Mr) R K SINHA Mr. A VENKATESWARA RAO Ms. B PADMAJA Mr. K ANAND RAO Mr. NANDAN KUMAR Mr. D S MURALI MOHAN Joint Director OSD Deputy Director Senior Assistant Director Assistant Director Assistant Director Assistant LIBRARY AND JOURNAL Mr. U JAWAHARLAL Mr. BH SURYANARAYANA SASTRY Editor, IRDA Journal (On contract) Assistant INTERNAL AUDIT & VIGILANCE DIVISION Mr. LALIT KUMAR CHANDEL Mr. M S JOSHI CVO OSD ON DEPUTATION TO INSURANCE INFORMATION BUREAU Mr. R. RAGHAVAN Mr. JAYA KUMAR Mr. M MADHUSUDHAN Ms. SWATI BAJAJ Mr. MUKESH KEWALRAMANI Mr. VIKAS S RANE CEO Deputy Director Assistant Director Assistant Director Assistant Director Assistant xxvi

27 OVERVIEW The Indian Economy 1. The growth in Indian economy remained sluggish even in because of the overall prevailing deteriorating macro economic factors. Post fi nancial crisis in , stimulus led robust growth occurred in and However, growth in consumption coupled with supply side constraints led to higher infl ation which persisted for the last three years. There has been tightening of monetary policies to contain inflation which further dampened the demand in the economy. Even the demand from external sector remained low because of the prevailing recessionary economic environment in the major trading partners and fresh Euro zone crisis. Rising commodity prices in international market, especially of gold and increasing consumption of petroleum products for which there is large dependency on import, further put strain on the country s Current Account Defi cit (CAD), which further reduced the government spending. Even the south-west monsoon was weak and the country received eight per cent lower rainfall than its Long Period Average. Against this economic environment, the economy s growth rate slowed down to 5 per cent in as compared to 6.2 per cent in The slowdown has been across the board, with no sector of the economy unaffected. The industry sector grew at 2.1 per cent in as compared to 3.5 per cent in Mining activities continued to register negative growth of 0.6 per cent, while manufacturing registered a growth of mere 1 per cent in as compared to 2.7 per cent in Service sector grew by 7.1 per cent in as compared to 8.2 per cent in Finance, insurance, real estate & business services within the service sector, grew by 8.6 per cent in as against 11.7 per cent in Agriculture sector grew at the rate of 1.9 per cent in against 3.6 per cent in Growth in agriculture sector has been much lower than the targeted growth rate of 4 per cent for the 12 th Five Year Plan ( ). Declining growth rate of the economy, persistent higher infl ation and prices and slower rate of household savings impacted the growth of insurance sector in India. The total premium for the life insurance sector remained fl at at `2.87 lakh crore in The total non-life insurance premium increased to `62,973 crore in as compared to `52,876 crore in The growth rate of premium of non-life insurance sector declined to per cent in as compared to per cent in Global Economic Environment 2. As per the latest World Economic Outlook (WEO) released by the International Monetary Fund (IMF) in October, 2013, global growth remained at 2.5 per cent in the fi rst half of 2013 as in the second half of The global economy is projected to grow by 2.9 per cent in 2013 and 3.6 per cent in 2014 as compared to actual growth rate of 3.9 per cent and 3.2 per cent in 2011 and 2012 respectively. The global growth is expected to come mainly from the USA because of the ease of the fiscal consolidation and supportive monetary conditions. Accordingly, the US economy is projected to grow at the rate of 1.6 per cent and 2.6 per cent respectively in 2013 and Japan is expected to grow at a slower rate of 2 per cent and 1.25 per cent in 2013 and 2014 respectively, because of the unwinding of the stimulus and reconstruction activities. The Report says that business confi dence indicators in Euro area suggest that recovery in the core economy has started but because of the tight credit conditions, growth is expected to be only 1 per cent in 2014 after contraction of 0.4 per cent in Emerging markets and developing economies are expected to grow at 4.5 per cent and 5.1 per cent in 2013 and 2014 respectively. China is expected to grow by 7.6 per cent and 7.3 per cent in 2013 and 2014, while India is expected to grow by 3.8 per cent and 5.1 1

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