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The Kerala State Insurance Department is a Commercial Department doing both General Insurance Business and Life Insurance business. It came into existence in the erstwhile Royal Travancore State in 1896. In the year 1979 this department was declared as commercial department It is empowered to under write General Insurance of any subject in which State Government has substantial financial interest.

Registration with IRDA : This Department is registered with IRDA under Reg. No.539 as per 3 of Insurance Act 1938 and Registration is renewed every year as per 3(a) of the same Act on remitting the renewal fees.

Proforma Accounts : Since State Insurance Department is a commercial department, Proforma accounts is prepared in the prescribed form and Accountant General certifies the Fund Balance of the Department every financial year. Entire management expenses of the Department and Pension Contribution of employees are deducted from the Fund Balance of the department. Even after this the  department is making profit in both Life Insurance and General Insurance.

Fund Balance & Profit : This department is sharing a portion of profit earned in General Insurance business every financial year. Total Fund Balance for the financial year 2013-2014 is Rs. 3542.55 Crores.

“Improving the lives of the millions of people is a noble endeavor. It can also be a lucrative one”

Although it may feel good to be living the independent life no man is an island! In today’s world where members of a family live in the same house but in their own worlds, each engaging to their own activities, watching their own TVs and reaching out to their circles with personal phones and their computers. However, there is oneness of purpose and mutual support. The word ‘insurance’ in our society is sprinting far ahead of itself with a business growth.  The insurance industry is catching people’s imagination; all of it has to do with getting new products and better service.  
 

The concept of insurance appears simultaneously with the evolution of human society. In the ancient period were the human beings depends on natural economy (without money, markets, financial instruments and so on), insurance was in the form of people helping each other. Insurance became far more sophisticated in modern society and variety forms of insurance have developed. The worth of insurance is raising all the time and many people are now starting to consider it as one of life’s necessities. People need insurance because the unexpected may happen in the life. The financial consequences might be devastating if one is uninsured. Insurance helps people have peace of mind when life's unexpected events happen.


More than other businesses, insurance works in a continuum.  Citizens desire to put away money that will multiply and come in handy on a rainy day.  Their consuming behaviour and expectations are deciding factors that set the tone for future products, pricing and, profits. For now is the time for us to build the industry and its support services. Insurance sector have gone aggressively on service expansion. With co-operation we can build them more efficiently and economically.

 

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