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MAJOR PLAYERS IN INSURANCE INDUSTRY IN INDIA

 

Principles of Insurance

Types of Insurance

Major players in insurance Sector in India

Till 01.04.2000, Insurance industry in India  comprised mainly of only two state insurers namely :-

  Life Insurers:

• Life Insurance Corporation of India (LIC)

 General Insurers:

• General Insurance Corporation of India (GIC)  (with effect from December,  2000, it has been made a  National Reinsurer)

      GIC had four subsidary companies, namely :-

1.     The Oriental Insurance Company Limited
2.     The New India Assurance Company Limited,
3.     National Insurance Company Limited
4.     United India Insurance Company Limited.

 (However,  with effect from Dec'2000, these subsidiaries have been de-linked from the parent company and made as independent insurance companies).

 

IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN PERMITTED TO ENTER INTO INSURANCE BUSINESS :-

 

LIFE INSURERS

 

HDFC Standard Life Insurance Company Ltd.

Max New York Life Insurance Co. Ltd.

Om Kotak Mahindra Life Insurance Co. Ltd.

Birla Sun Life Insurance Company Ltd.

Tata AIG Life Insurance Company Ltd.

SBI Life Insurance Company Limited .

ING Vysya Life Insurance Company Private Limited

Allianz Bajaj Life Insurance Company Ltd.

Metlife India Insurance Company Pvt. Ltd.

AMP SANMAR Assurance Company Ltd.

Dabur CGU Life Insurance Company Pvt. Ltd.

 

GENERAL INSURERS

Royal Sundaram Alliance Insurance Company Limited

Reliance General Insurance Company Limited.

IFFCO Tokio General Insurance Co. Ltd

TATA AIG General Insurance Company Ltd.

Bajaj Allianz General Insurance Company Limited

Cholamandalam General Insurance Company Ltd.

Export Credit Guarantee Corporation Ltd.

HDFC-Chubb General Insurance Co. Ltd.