Insurance Business In India

My symbol of Indentification is Raj and I want to know something about Insurance Business in India please tell me some facts about Insurance Business in India

Insurance in India refers to the market for insurance in India which covers both the public and private sector organizations.

It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central government

The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and 29 are non-life insurers.

India's life insurance sector is the biggest in the world with about 360 million policies which are expected to increase at a Compound Annual Growth Rate (CAGR) of 12-15 per cent over the next five years.

The country’s insurance market is expected to quadruple in size over the next 10 years from its current size of US$ 60 billion.

During this period, the life insurance market is slated to cross US$ 160 billion

List of insurance companies in India

Public Sector

New India Assurance
United India Insurance Company[1][2]
National Insurance Company
The Oriental Insurance Company
Agriculture Insurance Company of India

Private Sector

Religare
Bajaj Allianz General Insurance
Bharti AXA General Insurance
Cigna TTK
HDFC ERGO General Insurance Company
ICICI Lombard
IFFCO Tokio
L&T General Insurance
Liberty Videocon General Insurance
Max Bupa
Reliance General Insurance
Tata AIG General

Life insurance companies
Public Sector
Life Insurance Corporation of India

Private Sector
Aviva India
Bajaj Allianz Life Insurance
Exide Life Insurance
HDFC Standard Life Insurance Company
IDBI Federal Life Insurance
IndiaFirst Life Insurance Company
Kotak Mahindra Old Mutual Life Insurance
Star Union Dai-ichi Life Insurance
ICICI Prudential Life Insurance

Health insurance companies
Max Bupa Health Insurance Company
Star Health and Allied Insurance

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Answered By StudyChaCha Member