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In India, Insurance is a national matter, in which life and general insurance is yet a booming sector with huge possibilities for different global companies, as life insurance premiums account to 2.5% and general insurance premiums account to 0.65% of India's GDP. The Indian Insurance sector has gone through several phases and changes, especially after 1999, when the Govt. of India opened up the insurance sector for private companies to solicit insurance, allowing FDI up to 26%. Since then, the Insurance sector in India is considered as a flourishing market amongst global insurance companies. However, the largest life insurance company in India is still owned by the government.
The history of Insurance in India dates back to 1818, when Oriental Life Insurance Company was established by Europeans in Kolkata to cater to their requirements. Nevertheless, there was discrimination among the life of foreigners and Indians, as higher premiums were charged from the latter. In 1870, Indians took a sigh of relief when Bombay Mutual Life Assurance Society, the first Indian insurance company covered Indian lives at normal rates. Onset of the 20th century brought a drastic change in the Insurance sector
Insurance industry, earlier comprised of only two state insurers.
» Life Insurers ie Life Insurance Corporation of India (LIC) and
» General Insurers ie General Insurance Corporation of India (GIC). GIC had four subsidary companies.
With effect from Dec'2000, these subsidaries have been de-linked from parent company and made as an independent insurance companies. Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.
Since the Insurance coverage makes you trouble free for your life, health, its advisable to all of you to get the Insurance coverage for all your goods. During packing/ transportation/ unloading sevices, there are chances that the goods may have some damage so to get assured safety of your goods, we strongly recommend the goods insurance services specially while you decide to relocate/ packing moving is to be done.
The total number of life insurers registered with the Authority has gone up to 22. While, the total number of general insurers registered with IRDA is 21.
[LIFE INSURERS]
- » Bajaj Allianz Life Insurance Company Limited
- » Birla Sun Life Insurance Co. Ltd
- » HDFC Standard Life Insurance Co. Ltd
- » ICICI Prudential Life Insurance Co. Ltd
- » ING Vysya Life Insurance Company Ltd.
- » Life Insurance Corporation of India
- » Max New York Life Insurance Co. Ltd
- » Met Life India Insurance Company Ltd.
- » Kotak Mahindra Old Mutual Life Insurance Limited
- » SBI Life Insurance Co. Ltd
- » Tata AIG Life Insurance Company Limited
- » Reliance Life Insurance Company Limited.
- » Aviva Life Insurance Company India Limited
- » Sahara India Life Insurance Co, Ltd.
- » Shriram Life Insurance Co, Ltd.
- » Bharti AXA Life Insurance Company Ltd.
- » Future Generali India Life Insurance Company Limited
- » IDBI Fortis Life Insurance Company Ltd.
- » Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.
- » Aegon Religare Life Insurance Company Limited
- » DLF Pramerica Life Insurance Company Limited
- » Star Union Dai-Ichi Life Insurance Company Limited
[NON-LIFE INSURERS]
- » Bajaj Allianz General Insurance Co. Ltd.
- » ICICI Lombard General Insurance Co. Ltd.
- » IFFCO Tokio General Insurance Co. Ltd.
- » National Insurance Co.Ltd.
- » The New India Assurance Co. Ltd.
- » The Oriental Insurance Co. Ltd.
- » Reliance General Insurance Co. Ltd.
- » Royal Sundaram Alliance Insurance Co. Ltd
- » Tata AIG General Insurance Co. Ltd.
- » United India Insurance Co. Ltd.
- » Cholamandalam MS General Insurance Co. Ltd.
- » HDFC ERGO General Insurance Co. Ltd.
- » Export Credit Guarantee Corporation of India Ltd.
- » Agriculture Insurance Co. of India Ltd.
- » Star Health and Allied Insurance Company Limited
- » Apollo DKV Insurance Company Limited
- » Future Generali India Insurance Company Limited
- » Universal Sompo General Insurance Co. Ltd.
- » Shriram General Insurance Company Limited
- » Bharti Axa General Insurance Company Limited
- » Raheja QBE General Insurance Company Limited
[REINSURERS]
- GENERAL INSURANCE CORPORATION OF INDIA.
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