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 priv...