Thursday, August 25, 2011

Insurance Companies List in India

  Insurance is a national matter, in which life and general insurance is yet a booming sector with huge possibilities for different global companies, as life insurance premiums account to 2.5% and general insurance premiums account to 0.65% of India's GDP. The Indian Insurance sector has gone through several phases and changes, especially after 1999, when the Govt. of India opened up the insurance sector for private companies to solicit insurance, allowing FDI up to 26%. Since then, the Insurance sector in India is considered as a flourishing market amongst global insurance companies. However, the largest life insurance company in India is still owned by the government.

The history of Insurance in India dates back to 1818, when Oriental Life Insurance Company was established by Europeans in Kolkata to cater to their requirements. Nevertheless, there was discrimination among the life of foreigners and Indians, as higher premiums were charged from the latter. In 1870, Indians took a sigh of relief when Bombay Mutual Life Assurance Society, the first Indian insurance company covered Indian lives at normal rates. Onset of the 20th century brought a drastic change in the Insurance sector.


Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers: 

  Life Insurers:

    Life Insurance Corporation of India (LIC)

 General Insurers:

    General Insurance Corporation of India (GIC)  (with effect from Dec'2000, a National Reinsurer)

GIC had four subsidary companies, namely ( with effect from Dec'2000, these subsidaries have been de-linked from the parent company and made as independent insurance companies.

    The Oriental Insurance Company Limited
    The New India Assurance Company Limited
    National Insurance Company Limited
    United India Insurance Company Limited.

Insurance Companies In India

    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 Co. India Pvt. Ltd.
    Shriram Life Insurance Co, Ltd.
    Sahara India Life Insurance
    Bharti AXA Life Insurance
    Future Generali Life Insurance
    IDBI Fortis Life Insurance
    Canara HSBC Oriental Bank of Commerce Life Insurance
    AEGON Religare Life Insurance
    DLF Pramerica Life Insurance
    Star Union Dai-ichi Life Insurance
    Agriculture Insurance Company of India
    Apollo DKV Insurance
    Cholamandalam MS General Insurance
    HDFC Ergo General Insurance Company
    ICICI Lombard General Insurance
    IFFCO Tokio General Insurance
    National Insurance Company Ltd
    New India Assurance
    Oriental Insurance Company
    Reliance General Insurance
    Royal Sundaram Alliance Insurance
    Shriram General Insurance Company Limited
    Tata AIG General Insurance
    United India Insurance
    Universal Sompo General Insurance Co. Ltd
    Apollo Munich Health Insurance
    Bajaj Allianz General Insurance ia
    Bharti AXA General Insurance
    Export Credit Guarantee Corporation of India
    IDBI Federal Life Insurance
    IndiaFirst Life Insurance
    L&T General Insurance
    Max Bupa Health Insurance
    Raheja QBE General Insurance Company Ltd.
    SBI General Insurance
    Star Health Insurance