Insurance in India

INSURANCE IN INDIA 


In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer. At the dawn of the twentieth century, many insurance companies were founded. In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business.

The general insurance industry recorded 12% growth in premiums underwritten. India’s life insurance sector is the biggest in the world with about 360 million policies which are expected to increase between 12-15% over the next five years.

The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and 29 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company.

SBI Life is currently the biggest private sector insurance company in India with a 6.12% share of the total market


 

Insurance in India refers to the market for insurance in India which covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.


The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. India allowed private companies in insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in 2014.[1] Since the privatisation in 2001, the largest life-insurance company in India, Life Insurance Corporation of India has seen its market share slowly slipping to private giants like HDFC Life, Exide Life Insurance, ICICI Prudential Life Insurance and SBI Life Insurance Company.

By 2012 Indian Insurance is a US$72 billion industry. However, only two million people (0.2% of the total population of 1 billion) are covered under Mediclaim. With more and more private companies in the sector, this situation is expected to change. ECGC, ESIC and AIC provide insurance services for niche markets. So, their scope is limited by legislation but enjoy some special powers. The majority of Western Countries have state run medical systems so have less need for medical insurance. In the UK, for example, the corporate cover of employees, when added to the individual purchase of coverage gives approximately 11–12% of the population on cover [[3]]- due largely to usage of the state financed National Health Service (NHS), whereas in developed nations with a more limited state system, like USA, about 75% of the total population are covered under some insurance scheme.

Due to FDI in this industry after year 2000 has boost up and now 24 life insurance coy's are working in India through these life insurance companies NRI od indian origin can also take policies of self and their families too.friends if any body interested for the same can call directly to the life/health insurance company or can whatsapp me on +919546508768 for more infomation.

 🙏Solomon007666 🙏

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