Insurance Companies in India
Insurance being the national matter in India is a booming sector where general insurance premium account for 0.6% and life insurance premiums account to 2.5% of GDP in India. As the Government of India has given way to private insurance companies there has been a drastic change in the Indian insurance scenario.
To regulate the insurance sector the government has passed two Acts in 1912 – the Provident Fund Act and the Life Insurance Company Act. In India the oldest existing Insurance Company is the National Insurance Company Ltd established in 1906. Previously there were two primary insurance company one is the General Insurer that is General Corporation of India (GIC) and the Life insurers that is Life Insurance Corporation of India (LIC). The subsidiary companies were declared as independent companies in the December 2000: United India Insurance Company Limited, Oriental Insurance Company Limited, National Insurance Company Limited and New India Assurance Company Limited.
However the Government of India still holds the largest life insurance company.
The insurance companies found in India are as follow:
1. Birla Sun Life Insurance Co. Ltd 2. Bajaj Allianz Life Insurance company limited 3. ICICI Prudential Life insurance Co. Ltd 4. HDFC Standard Life Insurance Co. Ltd. 5. Max New York Life Insurance Co. Ltd. 6. ING Vysya Life Insurance Co. Ltd. 7. Kotak Mahindra Old Mutual Life Insurance Limited 8. Life Insurance Corporation of India 9. Met life India Insurance Company Ltd 10. SBI Life Insurance Co. Ltd
List of all Insurance Companies in India
- Bajaj Allianz General Insurance Co. Ltd.
- ICICI Lombard General Insurance Co. Ltd.
- IFFCO Tokio General Insurance Co. Ltd.
- National Insurance Co.Ltd.
- The New India Assurance Co. Ltd.
- The Oriental Insurance Co. Ltd.
- Reliance General Insurance Co. Ltd.
- Royal Sundaram Alliance Insurance Co. Ltd
- Tata AIG General Insurance Co. Ltd.
- United India Insurance Co. Ltd.
- Cholamandalam MS General Insurance Co. Ltd.
- HDFC ERGO General Insurance Co. Ltd.
- Export Credit Guarantee Corporation of India Ltd.
- Agriculture Insurance Co. of India Ltd.
- Star Health and Allied Insurance Co. Ltd.
- Apollo Munich Health Insurance Co. Ltd.
- Future Generali India Insurance Co. Ltd.
- Universal Sompo General Insurance Co. Ltd.
- Shriram General Insurance Co. Ltd.
- Bharti AXA General Insurance Co. Ltd.
- Raheja QBE General Insurance Co. Ltd.