Insurers operating in India

THE business of life insurance in India had started 190 years back in 1818 with the establishment of the Oriental Life Insurance Company in Kolkata (then Calcutta). Later on, nine years after country’s Independence the insurance business in the country was under the state control. In 1956, the Indian government nationalized the life insurance business and created the Life Insurance Corporation of India (LIC). After about 16 years in 1972 the government nationalized general insurance business by creating the General Insurance Corporation (GIC). The four subsidiaries companies under GIC - Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited - started their operations under as GIC subsidiaries became independent companies since December 2000.

Following the passage of the Insurance Regulatory and Development Authority Act in 1999, India opened the insurance sector to private players as well breaking the monopoly of public sector players in the field. As a result of this open market policy the country witnessed significant growth in the insurance sector. IRDA had started issuing licenses from 2001.


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

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