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The Insurance Industry in India is regulated
by a number of Acts that include the Insurance
Act (1938), the Life Insurance Corporation
Act (1956), General Insurance Business Act
(1972) and the Insurance Regulatory and Development
Authority Act (1999). Phoenixhrd.biz provides
you with a general overview on Insurance Industry
in India.
Set up in 1956, the Life Insurance Corporation
of India has already extended its network
of 2,048 branches all over the country.
The LIC as it is popularly called, also
does business abroad with its offices in
such places like Fiji, Mauritius and United
Kingdom. Life Insurance Corporation has
also teamed up with other foreign companies
that include Ken-India Assurance Company
Limited, Nairobi, United Oriental Assurance
Company Limited, Kuala Lumpur and Life Insurance
Corporation (International) E.C. Bahrain.
The General Insurance business in India
was nationalized in 1973. Around hundred
of non-life insurance companies were brought
into the fold of General Insurance and classified
under four companies. These also included
the foreign companies that had its branches
in India. The four companies they were grouped
into were the National Insurance Company
Ltd., the New India Assurance Company Ltd.,
the Oriental Insurance Company Ltd., and
the United India Insurance Company Ltd.
All these companies have their headquarters
in the four metropolitan cities of Kolkata,
Delhi, Mumbai and Chennai. Insurance industry
in India is steadily on its way to be a
flourishing industry. Below are provided
some of the leading insurance companies
of India;
- Metlife Insurance
Company Ltd
- Reliance General
Insurance Company Ltd
- ICICI Prudential
- Birla Sun Life
- HDFC Insurance
- Kotak Mahindra
- SBI Life Insurance
Company Ltd
- Oriental Insurance
Company Ltd
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