Insurance in India a brief History

Insurance industry in India was initially was made of mainly two players, the state insurers:

• Life Insurance Corporation of India (LIC)
• General Insurance Corporation of India (GIC)

GIC had four subsidary companies, The Oriental Insurance Company Limited ,The New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.
( with effect from Dec'2000, these subsidaries have been de-linked from the parent company and made as independent insurance companies.

The Insurance Business:

The insurance business is broadly categorized under the following heads

1. Life Insurance
2. Fire Insurance
3. Marine Insurance
4. Miscellaneous Insurance.

Life insurers transact Life relatred insurance policies wheresas the rest of the policies are transacted by the general insurers. At prsent there are 17 Llife insurers and 17 non life insurers registered with IRDA.