United India insurance company Ltd is one of the leading general insurance providers in the country. Its Marine department is well known for providing various kinds of marine insurance solutions and supporting humungous marine projects and clients. The performance and growth of the company in relation to its marine technical department have been studied taking the premium generated through cargo and hull insurance, premium growth over the past five years in both the segments, the incurred claims ratio in both the segments for the last five years and the projections of the premium and claims ratio for marine hull and cargo insurance for the future into account.
The company has been catering to various needs of its clients related to insurance of their cargo and goods in transit. But the company has never made a conscious effort to study the reputation of its marine and Hull insurance policies in the market in comparison with the policies provided by other general insurance companies. rates to coverage offered, features in the policy mainly preferred by the clients, claim settlement, promptness at issuing the policy, underwriter promptness, technical expertise of the marine and hull underwriters, online portal etc in comparison to other general insurance companies in the market in improving upon its services and product offerings in the future.
The objective of the present paper intends to study performance of the company with respect to claims ratio and premium generation projections in the hull and marine cargo segments. And give suitable suggestions to improve upon its short falls if any.For the purpose of the research both primary data, secondary date is collected and unpublished literature data that have been collected to analyze the insurance measures taken in the firm.
The premium rates charged for the hull insurance are very paltry when compared to other insurances like fire, motor insurance etc. It has been observed that the incurred claim ratio especially in case of marine hull insurance over the past five years has been on a very high side and the company has been finding it very difficult in implementing strategies to curb the high frequency of claims over the past few years. In case there is no restrain in this trend, the hull insurance business would not be taken up by any of the insurance players.
The insurance industry is developing in India many foreign companies as well as the domestic industries are concentrating on the life and non life insurance but it is observed that only few domestic and foreign companies are offering marine and hull insurance in the country there is scope for the hull and marine insurance required in the country, hence the companies has to focus on the marine and hull insurance in india and develop the organization and economy.
Cargo, Claims settlements, Hull Insurance, Marine insurance, Premium, Underwriting
