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.
REINSURERS:
General
Insurance Corporation of India
|