Insurance, life and general: India

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This article has been sourced from an authoritative, official publication. Therefore, it has been ‘locked’ and will never be thrown open to readers to edit or comment on. After the formal launch of their online archival encyclopædia, readers who wish to update or add further details can do so on a ‘Part II’ of this article.

Insurance

Since opening up, the number of participants in the industry has gone up from six insurers (including Life Insurance Corporation of India, four public sector general insurers and General Insurance Corporation of India as the National Reinsurer) in the year 2000 to 47 insurers as on March 2010 operating in the life, non-life and reinsurance segments (including specialized insurers, viz., Export Credit Guarantee Corporation and Agriculture Insurance Company of India Ltd. AICIL). Three of the general insurance companies, viz., Star Health and Alliance Insurance Company; Apollo Munich Health Insurance Company; and Max BUPA Health Insurance Co. Ltd. function as standalone health insurance companies.

Of the 22 life insurance companies which have set up operations in the life segment post opening up of the sector, 20 are in joint venture with foreign partners. Of the 17 who have commenced operations in the non-life segment, 16 had been set up in collaboration with foreign partners. Thus, 36 companies in the private sector are operating in the country in collaboration with established foreign insurance companies from across the globe as on 31st March, 2010.