The railway passengers assurance company was founded in 1848 as the first company to provide accident insurance. Two state owned insurance companies were thus created.
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The parliament of india passed the life insurance corporation act on the 19th of june 1956 and the life insurance corporation of india was created on 1st september 1956 with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country providing them.
When insurance started in india. Post liberalization the industry was opened up. 1818 saw the advent of life insurance business in india with the establishment of the oriental life insurance company in calcutta. The insurance regulatory and development authority of india irdai was created in 1999 to regulate the insurance.
Between 1787 and 1837 more than two dozen life insurance companies were started but fewer than half a dozen survived. Launched in 1986 the health insurance industry has grown significantly mainly due to liberalization of economy and general awareness. In 1955 mean risk per policy of indian and foreign life insurers amounted respectively to 2 950 7 859 worth 15 lakh 41 lakh in 2017 prices.
The life insurance corporation in 1956 and the general insurance corporation in 1972 for the non life insurance business. The general insurance corporation of india was incorporated as a company in 1971 and it commence business on january 1sst 1973. According to the world bank by 2010 more than 25 of india s population had access to some form of health insurance.
This company however failed in 1834. The oldest existing insurance company in india is the national insurance company which was founded in 1906 and is still in business. Life insurance is one of the fastest growing sectors in india since 2000 as government allowed private players and fdi up to 26 and recently cabinet approved a proposal to increase it to 49.
The government of india issued an ordinance on 19 january 1956 nationalising the life insurance sector and life insurance corporation came into existence in the same year. This millennium has seen insurance come a full circle in a journey extending to nearly 200 years. Life insurance in india was nationalised.
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