There are two specialized insurers – Agriculture Insurance Company Ltd catering to Crop Insurance and Export Credit Guarantee of India catering to Credit Insurance. So far as the industry goes, LIC, New India, National Insurance, United insurance and Oriental are the only government ruled entity that stands high both in the market share as well as their contribution to the Insurance sector in India. Currently, 24 life insurance companies and 30 non-life insurance companies have been aggressive enough to rule the insurance sector in India.īut, there are yet many more insurers who are awaiting IRDAI approvals to start both life insurance and non-life insurance sectors in India. However, with the introduction of new private sector companies, the insurance sector in India gained a momentum in the year 2000. Other public sector companies like the National Insurance, United India Insurance, Oriental Insurance and New India Assurance provided non-life insurance or say general insurance in India. In the history of the Indian insurance sector, a decade back LIC was the only life insurance provider. Specialised Insurer in export credit insuranceĮxport Credit Guarantee Corporation of India Limited Net incurred claim ratio(Rs in Crores)2014-15 Net incurred claim ratio(Rs in Crores)2015-16 Net incurred claim ratio(Rs in Crores) 2014-15
Gross Direct Premium (Rs in Crores)2014-15 Net incurred claim ratio(Rs in Crores) 2015-16 Gross Direct Premium (Rs in Crores)2015-16 Non-Life Insurance Performance: Life Insurance Business Performance: Group Death Claims (Figures in percent of lives covered) Individual Death Claims (Figures in percent of policies) Group Death Claims Amount Paid (Rs in Crores) Individual Death Claims Amount Paid (Rs in Crores) Individual Death Claims (Number of Policies) Let us look at the Performance Highlights of the Indian Insurance Industry: Life Insurance Performance: Life Insurance Business Performance: But, the general insurance companies remain reluctant to offer pure risk cover to the individuals. The life insurance companies have gained an investment prospectus in the recent times with an idea of providing insurance along with a growth of your savings. are some more insurance products being made available by the general insurance companies in India. Crop insurance for our farmers, gadget insurance for mobiles, pet insurance etc. Not only this, but the non-life insurance companies provide coverage for our industrial equipment’s as well. Life insurance companies offer coverage to the life of the individuals, whereas the non-life insurance companies offer coverage with our day-to-day living like travel, health insurance, our car and bikes, and home insurance. Out which there are seven public sector companies. Out of which 24 companies are the life insurance providers and the remaining 33 are non-life insurers. The Insurance sector in India consists of total 57 insurance companies. This is the reason all the insurers have to abide by the rules and regulations of the IRDAI. The role of IRDA is to thoroughly monitor the entire insurance sector in India and also act like a custodian of all the insurance consumer rights. Both the Life Insurance and the Non-life Insurance is governed by the IRDAI (Insurance Regulatory and Development Authority of India).
The Non-life Insurance sector is also termed as General Insurance. Universal Sompo General Insurance CompanyĪs of January 2020, IRDAI has recognized one reinsurance company.The Indian Insurance Sector is basically divided into two categories – Life Insurance and Non-life Insurance. Religare Health Insurance Company Limited Įxport Credit Guarantee Corporation of India Ltd.Īs of October 2018, IRDAI has recognized 34 non-life insurance companies. Ltd.Ĭanara HSBC Oriental Bank of Commerce Life Insurance Co. Following is the list: List is arranged chronologically based on their recognition by IRDAIįuture Generali India Life Insurance Co.
As of October 2018, IRDAI has recognized 24 life insurance companies.
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