Professional Documents
Culture Documents
1. Introduction
2. Types of Insurance
4. Regulator Acts
6. Insurance companies
7. Conclusion
8. References
INTRODUCTION
Insurance may be described as a social device to reduce or eliminate
risk of loss to life and property. Under the plan of insurance, a large
number of people associate themselves by sharing risks attached to
individuals. The risks, which can be insured against, include fire, the
perils of sea, death and accidents and burglary. Any risk contingent
upon these may be insured against at a premium commensurate with
the risk involved. Thus collective bearing of risk is insurance.
TYPES OF INSURANCE
Insurance industry in India is broadly classified as-
1. Auto Insurance
2. Commercial Insurance
Agriculture Insurance
Fire Insurance
Industrial Insurance
Marine Insurance
Shop Insurance
3. Home Insurance
4. Life Insurance
Accident Insurance
a. NRI Accident Insurance
b. Personal Accident Insurance
Travel Insurance
HISTORY OF INDIAN INSURANCE
1956: 245 Indian and foreign insurers and provident societies taken
over by the central government and nationalized. LIC formed by
an Act of Parliament, viz. LIC Act, 1956, with a capital
contribution of Rs.5crore from the Government of India.
The General insurance business in India, on the other hand, can trace
its roots to the Triton Insurance Company Ltd., the first general
insurance company established in the year 1850 in Calcutta by the
British. Some of the important milestones in the general insurance
business in India are:-
1907: The Indian Mercantile Insurance Ltd. set up, the first
company to transact all classes of general insurance business.
REGULATORY ACTS
Till 1999, there were not any private insurance companies in Indian
insurance sector. The Govt. of India, then introduced the Insurance
Regulatory and Development Authority Act in 1999, thereby de-
regulating the insurance sector and allowing private companies into
the insurance. Further, foreign investment was also allowed and
capped at 26% holding in the Indian insurance companies.
INSURANCE COMPANIES
Some of the life insurance companies and general insurance
companies including their web address is given below:-
Life Insurers Websites
Public Sector
Life Insurance Corporation of India www.licindia.com
Private Sector
Allianz Bajaj Life Insurance Company Limited www.allianzbajaj.co.in
Birla Sun-Life Insurance Company Limited www.birlasunlife.com
HDFC Standard Life Insurance Co. Limited www.hdfcinsurance.com
ICICI Prudential Life Insurance Co. Limited www.iciciprulife.com
ING Vysya Life Insurance Company Limited www.ingvysayalife.com
Max New York Life Insurance Co. Limited www.maxnewyorklife.com
MetLife Insurance Company Limited www.metlife.com
Om Kotak Mahindra Life Insurance Co. Ltd. www.omkotakmahnidra.com
SBI Life Insurance Company Limited www.sbilife.co.in
TATA AIG Life Insurance Company Limited www.tata-aig.com
General Insurers Websites
Public Sector
National Insurance Company Limited www.nationalinsuranceindia.com
New India Assurance Company Limited www.niacl.com
Oriental Insurance Company Limited www.orientalinsurance.nic.in
United India Insurance Company Limited www.uiic.co.in
Private Sector
Bajaj Allianz General Insurance Co. Limited www.bajajallianz.co.in
ICICI Lombard General Insurance Co. Ltd. www.icicilombard.com
IFFCO-Tokio General Insurance Co. Ltd. www.itgi.co.in
Reliance General Insurance Co. Limited www.ril.com
Royal Sundaram Alliance Insurance Co. Ltd. www.royalsun.com
TATA AIG General Insurance Co. Limited www.tata-aig.com
Cholamandalam General Insurance Co. Ltd. www.cholainsurance.com
Export Credit Guarantee Corporation www.ecgcindia.com
Reinsurers Websites
General Insurance Corporation of India www.gicindia.com
CONCLUSION
The Indian insurance industry has traveled a long way ever since
businesses were regulated tightly & concentrated by few insurers of
the public sector. The insurance industry is a key component of the
financial infrastructure of an economy, and its viability and strengths
have far reaching consequences for not only its money and capital
markets,' but also for its real sector.