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Insurance Companies

  • The insurance industry in India has 24 insurance companies in life insurance business and 29 insurance companies in general insurance business. In year 2000, the insurance sector was open for private companies setting an FDI limit to 26% that was further increased to 49% in 2014.

    As far as life insurance sector is concerned, Life Insurance Corporation of India (LIC) is the only public sector insurer in India. When it comes to non-life/general insurance business, there are five five private sector insurance companies offering health policies only.

    The life insurance industry received a new premium income of Rs 1.38 trillion with 22.5% growth rate, during April 2015 to March 2016. During the same period, general insurance industry registered a growth rate of 12% and received gross direct premium underwritten as Rs 105.25 billion.

    The insurance market in India accounts for about 1.5% of total insurance premiums collected worldwide and it is 2% world’s life insurance premium. As far as the insurance industry is concerned, India is the fifth largest market in the world and there is a lot of potential to be harnessed.

  • When it comes to life insurance companies, there is a total of 24 companies offering life insurance product. Life Insurance Corporation is a public sector company listed as a life insurer whereas others are the private Insurers. Life insurance business in India has a deep-rooted presence. It was the year 1912, when Indian Life Insurance company Act, 1912 was passed to regulate the insurance business.

    Life insurance business was nationalized on 1st September, 1956. Life insurance sector in India is the biggest in the world with around 360 million policies and it is expected to increase at a CAGR of 12-15% through the next five years.

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    In General Insurance Business, there are a total of 29 insurance companies offering non-life/general insurance products in India. Out of the total general insurance companies, five private sector insurers namely, Star Health and Allied Insurance Company, Apollo Munich Health Insurance Company, Max Bupa Health Insurance Company, Religare Health Insurance Company and Cigna TTK Health Insurance Company are registered to underwrite policies.

    The non-life insurance business was nationalized with the enactment of General Insurance Business Nationalisation Act (GIBNA) in 1972. The general insurance business in India is stood at Rs 78,000 crore premium per annum and is growing at a rate of 17%.

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