INDIAN INSURANCE INDUSTRY
Size of the Industry
| Fifth largest life insurance market with US$ 41-billion. According to IRDA, the insurers in the year 2009-2010 sold 10.55 million new policies with LIC selling 8.52 million and private companies 2.03 million policies
| Geographical distribution
| Delhi, Mumbai, Karnataka, Hyderabad, Pune, Banglore, Uttar Pradesh and all the major cities of India
| Output per annum
| Indian Insurance Industry is one of the booming Industries of the economy and is growing at the rate of 15-20 % per annum
| Market Capitalization
| Contributes about 7 % to the country's GDP
History Indian Insurance Industry has got the deep-rooted history. These evidences are from the writings of Manu (Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings speak about pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. Ancient Indian history has preserved the very earliest traces of insurance in the form of marine trade loans and carriers contracts. In India the Insurance has evolved over time heavily drawing from other countries, England particularly.
| In India the advent of Life Insurance started in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. In the year 1829, the Madras Equitable had began the life insurance business in the Madras Presidency. British Insurance Act enactment was done in the year 1870. In the last three decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the Bombay Residency. This era, however, was dominated by foreign insurance offices which did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard competition from the foreign companies. History of general insurance was during the 17th century to the Industrial...
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