Next
to understand after Insurance basic knowledge is Stages of Insurance history in
crisp.
#
It
started from Lloyd’s coffee house London
#
First
policy issued in England in 1583
#
It
had its origins in the early 19th century with the arrival of British
enterprise in India.
#
The
insurance sector in India dates back to 1818 when first insurance company, The
Oriental Life Insurance Company, was established, at Calcutta.
#
LIC
of India formed in 1956 after nationalization of life insurance Business of 245
private (Indian and Foreign) insurance companies
#
The
Life Insurance Corporation of India (LIC) came into existence by an Act of
Parliament, viz. LIC act, 1956, with a capital contribution of Rs.5 Crores from
the Government of India
#
The
General Insurance Business (Non-Life) in India started with the establishment
of Triton Insurance Company Limited in 1850 at Calcutta by the British.
#
General
insurance business of 107 insurance companies was amalgamated and nationalized
in 1972 & four public sector General Insurance Companies were formed
namely, the National Insurance Company Ltd., the New India Assurance Company
Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company
Ltd.
Market Scenario before IRDA Act 1999:
Life
Insurance Company
1. LIC of India
General
Insurance Companies
1. National insurance company ltd
2. New India assurance company ltd
3. Oriental insurance company ltd
4. United India insurance company ltd
Market Scenario after IRDA Act 1999:
This
was the period of entering L P G Era;
#
The
Stage of Liberalization (Loosening
the government restrictions),
#
Privatization (Replacing Government
Monopolies to open-up for private sector) &
#
Globalization (Integration of national
economies into the international economy i.e opening up of FDI);
These
LPG Era has created healthy competition between public sector & private
sector to bring good end-product for Insurance to Individuals like us.
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