Insurance in India, List of Insurance Companies in India

Insurance Companies in India

In this article we shall see about Insurance in India before and after independence to date, and list of All Insurance Companies in India, both Life Insurance companies and Non-Life Insurance companies or General Insurance companies. Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body that promotes and regulates all types of Insurance companies in India. For an insurance company to do business India, first it should be recognied by IRDAI.

Insurance in India before Independence

Oriental Insurance Company was the first insurance company in India. It was started in 1818 by Anitha Bhavsar and it only catered to the needs of the Europeans in India. So it cant be called as an Indian Insurance Company. Bombay Mutual Life Insurance Society, started in 1870, is the first Indian Insurance company that insured Indians. By the time of independence, there are about 245 Insurance companies in India (both Indian and Foreign). National Insurance Company, founded in 1906, is the oldest existing Insurance company in India.

Insurance in India After Independence

In 1956, Government of India passed an Ordinance Nationalising the Life Insurance Sector and Life Insurance Corporation of India (LIC) was formed.

With the General Insurance Business (Nationalisation) Act of 1972, the General Insurance business was nationalised. Existing 107 General Insurers were grouped into 4 companies – National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India (GIC) was formed with these 4 companies as its subsidiaries.

Insurance sector was monopolised by two state Insurance corporation LIC and GIC till the year 2000 when the Insurance sector was privatized. Today there are 24 private life insurance companies and 34 private Non-Life Insurance Companies in India.

Knowledge about insurance companies is important for candidates appearing for Insurance exams such as LIC, NICL, NIACL and IRDA. It is also relevant for other government exams such as RRB exams, SSC exams, Bank Exams etc. Questions related to Insurance Companies in India are seen in the General Awareness Section of these exams. Lets look into these now.

Insurance Companies in India 

Life Insurance Companies in India

Life Insurance Company Headquarters  Sector  Founding year
Life Insurance Corporation of India Mumbai Public 1956
HDFC Standard Life Insurance Co. Ltd. Mumbai Private 2000
Max Life Insurance Co. Ltd. Delhi Private 2000
ICICI Prudential Life Insurance Co. Ltd. Mumbai Private 2000
Aditya Birla Sun Life Insurance Co. Ltd. Mumbai Private 2000
Kotak Mahindra Life Insurance Co. Ltd. Mumbai Private 2001
TATA AIA Life Insurance Co. Ltd. Mumbai Private 2001
SBI Life Insurance Co. Ltd. Mumbai Private 2001
Exide Life Insurance Co. Ltd. Bangalore Private 2001
Bajaj Allianz Life Insurance Co. Ltd. Pune Private 2001
PNB MetLife India Insurance Co. Ltd. Mumbai Private 2001
Reliance Nippon Life Insurance Company Mumbai Private 2001
Aviva Life Insurance Company India Ltd. Gurugram Private 2002
Sahara India Life Insurance Co. Ltd. Lucknow Private 2004
Shriram Life Insurance Co. Ltd. Hyderabad Private 2005
Future Generali India Life Insurance Co. Ltd. Mumbai Private 2007
Bharti AXA Life Insurance Co. Ltd. Mumbai Private 2008
IDBI Federal Life Insurance Co. Ltd. Mumbai Private 2008
Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd. Gurugram Private 2008
Aegon Life Insurance Co. Ltd. Mumbai Private 2008
Pramerica Life Insurance Co. Ltd. Mumbai Private 2008
Star Union Dai-Ichi Life Insurance Co. Ltd. Mumbai Private 2008
IndiaFirst Life Insurance Co. Ltd. Mumbai Private 2009
Edelweiss Tokio Life Insurance Co. Ltd. Mumbai Private 2011

 

Non-Life Insurance Companies In India

Non-Insurance Company Headquarters  Sector Founding year
National Insurance Company Kolkata Public 1906
Cigna TTK Mumbai Private 1918
New India Assurance Mumbai Public 1919
United India Insurance Company Chennai Public 1938
The Oriental Insurance Company New Delhi Public 1947
Export Credit Guarantee Corporation of India Mumbai Private 1957
IFFCO TOKIO General Insurance Gurugram Private 2000
Reliance General Insurance Mumbai Private 2000
Royal Sundaram General Insurance Chennai Private 2000
Bajaj Allianz General Insurance Pune Private 2001
Cholamandalam MS General Insurance Chennai Private 2001
ICICI Lombard Mumbai Private 2001
Tata AIG General Insurance Mumbai Private 2001
Agriculture Insurance Company of India New Delhi Public 2002
HDFC ERGO General Insurance Company Mumbai Private 2002
Star Health and Allied Insurance Chennai Private 2006
Apollo Munich Health Insurance Gurgaon Private 2007
Future Generali India Insurance Mumbai Private 2007
Raheja QBE General Insurance Mumbai Private 2007
Universal Sompo General Insurance Company Mumbai Private 2007
Bharti AXA General Insurance Mumbai Private 2008
Max Bupa Health Insurance New Delhi Private 2008
Shriram General Insurance Jaipur Private 2008
Magma HDI General Insurance Mumbai Private 2009
SBI General Insurance Mumbai Private 2010
Religare Health Insurance Company Limited Gurgaon Private 2012
Liberty General Insurance Mumbai Private 2013
Aditya Birla Health Insurance Mumbai Private 2015
Kotak Mahindra General Insurance Mumbai Private 2015
Acko General Insurance Mumbai Private 2016
DHFL General Insurance Mumbai Private 2016
Digit Insurance Pune Private 2017
Edelweiss General Insurance Mumbai Private 2017
Reliance Health Insurance Mumbai Private 2017

 

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