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General Insurance in India
Last Updated: 25-Feb-2015
General Insurance came to India as a legacy of British occupation. The first General Insurance company in India is Triton Insurance Company Ltd established in India in the year 1850 in Kolkatta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of general insurance business. However, after independence in 1973 General Insurance in India was nationalized and continued till the year 2000. After the set up of IRDA, it opened up the market in August 2000 with the invitation for application for registrations while allowing 26 % FDI. In December, 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and at the same time GIC was converted into a national re-insurer. Today there are 28 general insurance companies including the ECGC and Agriculture Insurance Corporation of India.