Insurance Industry In India
Among these 24 are in the life insurance business and the rest are non life insurers.
Insurance industry in india. Following is the list of insurance companies in india which have been approved by the insurance regulatory and development authority of india irdai which is a statutory body regulating and promoting the insurance and re insurance industries in india. The insurance sector has gone through a number of phases by allowing private companies to solicit insurance and also allowing foreign direct investment. Among the life insurers life insurance corporation lic is the sole public sector company. The life insurance corporation lic is a sole public sector company in the life insurance business sector.
This has led to a tough competition with a positive and healthy outcome. Overall insurance penetration in india reached 369 per cent in 2017 from 271 per cent in 2001. The insurance industry of india consists of 57 insurance companies of which 24 are in life insurance business and 33 are non life insurers. A brief on the indian insurance industry 2016 17.
Insurance industry in india has seen a major growth in the last decade along with an introduction of a huge number of advanced products. Both these sectors are governed by insurance regulatory and development authority irda of india which is a government body which frames the rules for the entire industry and all insurance companies have to abide by them. The indian insurance industry is expected to grow to us 280 billion by fy2020 owing to the solid economic growth and higher personal disposable incomes in the country. India allowed private companies in insurance sector in 2000 setting a limit on fdi to 26 which was increased to 49 in 2014.
India insurance industry growth in last few years the life insurance companies have performed the best when it comes to growth with an increase of almost 70 in new premium that has been collected in the initial 5 months of 2012.
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