1. In 1818, Oriental Life Insurance Company was started by Anita Bhavsar in Kolkata to cater to the needs of European community.
2. In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer.
3. In the year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the insurance business.
4. In 1956,Govt of India had nationalized the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The Life Insurance Corporation (LIC) had absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies i.e total 245 insurance firm.
5. In 1972, the General Insurance Business (Nationalisation) Act was passed, General Insurance business was nationalized with effect from 1st January, 1973.
6. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on January 1st 1973.
7. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd.All four companies become subsidiary of General Insurance Corporation of India.
8. With effect from December 2000, these subsidiaries have been de-linked from the parent company and were set up as independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited.
9. Until 1999, there were not any private insurance companies in India. The government then introduced the Insurance Regulatory and Development Authority Act in 1999, thereby de-regulating the insurance sector and allowing private companies. Furthermore, foreign investment was also allowed and capped at 26% holding in the Indian insurance companies.
10. No. Of Indian Insurance Companies in the market.
Type of insurance | Life insurance | General insurance | Re-Insurance |
Public Sector Company (ies) | 01 | 06 | 01 |
Private Sector Companies | 23 | 18 | 00 |
Total | 24 | 24 | 01 |
There are many choices that Vehicle Insurance policy providers can choose to sell their product and services. Some of these choices include TV marketing, press marketing, mobile billboard, web marketing, telephone calls, recommendations marketing, yellow page marketing, radio marketing, product placement and so on for commercial truck insurance and cargo insurance advertisements.Truckers Insurance
ReplyDelete