INSURANCE industry IN INDIA

Insurance in India is further categorized into two sectors i.e. Life Insurance Sector and General Insurance Sector. Insurance in India is very fast growing industry and people in India are going to aware about insurance.

Life Insurance is the booming sector from past 11 years, since 1999 it is going to hike the market as government of India opened up for the Private sectors since then it become the sector which is earning more then expectations. The Largest Life Insurance Company in India is still with the government i.e. Life Insurance Company (LIC). All private companies are registered with the IRDA (Insurance Regulatory and Development Authority). The government of India provides an allegation that single company can not run the Private insurance separately i.e. they must run with a joint venture with other company. The Private Life Insurance companies in India are:
• Max New York Life.
• Bajaj Allianz
• Birla Sunlife
• HDFC standard Life
• Bharti Axa
• Kotak Mahindra
• Tata AIG
• ICICI Prudential
• Met Life
• ING Vysya
• Aviva Life Insurance
• SBI Life Insurance company
• Reliance Life Insurance Company
History
In 1818, Anita Bhavsar of kolkata took an initiative a started an Insurance Business with name of Oriental Life Insurance company. That time company charge very heavy premiums for the insurance. In 1870 Bombay Mutual Life Assurance Society started that becomes the first Indian Insurer. In 1912, Life Insurance Companies Act is passed, which defines the premium rate tables and periodical table valuations of companies must be certified by an Actuary.
Industry Structure
India is the fifth largest market in all over world with the rapid growth of 32-34% annually as per the Life Insurance Council of India.
Still we have very low percentage of insured people in India. Only 2 million people i.e. 0.2% of the total population are covered under some insurance scheme (i.e. - Covered with the Life Insurance or/and with the Health Insurance).


Author of this article is a financial consultant and adviser. He provide solution and information based on Insurance Industry in India, General insurance in India Life Insurance companies in India.