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Insurance industry, earlier comprised of only two state insurers.
Life Insurers ie
Life Insurance Corporation of India (LIC) and
General Insurers ie
General Insurance Corporation of India (GIC)
GIC had four subsidary companies.
With effect from Dec'2000, these subsidaries have been de-linked from parent company and made as an independent insurance companies.
Oriental Insurance Company Limited,
New India Assurance Company Limited,
National Insurance Company Limited and
United India Insurance Company Limited.
The first batch of licenses were issued by the Insurance Regulatory and Development Authority (IRDA) in 2001. At present following are the players in the Indian Market:
LIFE INSURERS:
1. ALLIANZ BAJAJ LIFE INSURANCE CO. LTD.
2. AMP SANMAR ASSURANCE CO. LTD.
3. BIRLA SUN LIFE INSURANCE CO. LTD.
4. DABUR CGU LIFE INSURANCE COMPANY PVT. LTD.
5. HDFC STANDARD LIFE INSURANCE CO. LTD.
6. ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.
7. ING VYSYA LIFE INSURANCE CO. PVT. LTD.
8. LIFE INSURANCE CORPORATION OF INDIA.
9. MAX NEW YORK LIFE INSURANCE CO. LTD.
10. METLIFE INDIA INSURANCE CO. PVT. LTD.
11. OM KOTAK MAHINDRA LIFE INSURANCE CO. LTD.
12. SBI LIFE INSURANCE CO. LTD.
13. TATA AIG LIFE INSURANCE CO. LTD.
NON-LIFE INSURERS:
1. BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD.
2. ICICI LOMBARD GENERAL INSURANCE CO. LTD.
3. IFFCO TOKYO GENERAL INSURANCE CO. LTD.
4. NATIONAL INSURANCE CO. LTD.
5. NEW INDIA ASSURANCE CO. LTD.
6. ORIENTAL INSURANCE CO. LTD.
7. RELIANCE GENERAL INSURANCE CO. LTD.
8. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD.
9. TATA AIG LIFE INSURANCE CO. LTD.
10. UNITED INDIA INSURANCE CO. LTD
REINSURERS:
GENERAL INSURANCE CORPORATION OF INDIA.