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. As on December 2012 following are the players in the Indian Market:
Today there are 24 general insurance companies including the ECGC and Agriculture Insurance Corporation of India and 23 life insurance companies operating in the country.
LIFE INSURERS IN INDIA
Bajaj Allianz Life Insurance Company Limited
Birla Sun Life Insurance Co. Ltd
HDFC Standard Life Insurance Co. Ltd
ICICI Prudential Life Insurance Co. Ltd
IndiaFirst Life Insurance Company Ltd
ING Vysya Life Insurance Company Ltd.
Life Insurance Corporation of India
Max New York Life Insurance Co. Ltd
Met Life India Insurance Company Ltd.
Kotak Mahindra Old Mutual Life Insurance Limited
SBI Life Insurance Co. Ltd
Tata AIG Life Insurance Company Limited
Reliance Life Insurance Company Limited.
Aviva Life Insurance Company India Limited
Sahara India Life Insurance Co, Ltd.
Shriram Life Insurance Co, Ltd.
Bharti AXA Life Insurance Company Ltd.
Future Generali India Life Insurance Company Limited
IDBI Fortis Life Insurance Company Ltd.
Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.
Aegon Religare Life Insurance Company Limited
DLF Pramerica Life Insurance Company Limited
Star Union Dai-Ichi Life Insurance Company Limited
IndiaFirst Life Insurance Company Limited
Edelweiss Tokio Life Insurance Co. Ltd.
REINSURERS IN INDIA:
GENERAL INSURANCE CORPORATION OF INDIA.
FOR COMPLETE LIST OF NON-LIFE INSURERS IN INDIA...Click here