General Insurance in India

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 natio

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GOI to merge public sector insurance companies

Government of India - public sector insurance companies are likely to be merged together. The government has made an 'in-principle' announcement. Three public sector general insurance companies - National Insurance Co Ltd, United India Assurance Co Ltd and Oriental India Insurance Company - will be merged into a single insurance company and be subsequently listed as per the Budget 2018-19 . As part of divestment of stake in its general insurance firms, the government diluted stakes in New India Assurance Co Ltd and General Insurance Corporation of India last year. The move will likely to bring synergies and will also drive up enterprise value

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Zicom to offer IoT based device - to aid insurers

Zicom is in talks with insurance firms to offer its IoT-based Vehicle Passenger Safety Solution. Its device Street Smart when attached to the on-board-diagnostics (OBD ) port of any car and can provide several preventive safety updates as well as alerts in case of an accident. An accident alert is sent to emergency contacts set by the user while a central command center is able to track the vehicle using in-built GPS to send assistance. The device also offers a rash driving alert, which could be useful to improve your own driving behaviour and for fleet operators to track how the drivers are operating their vehicles. It will also notify the user, when the car is towed away or is stolen. Additional features are Car Diagnostics, Performance and Trip Log and Fuel Efficiency Report.

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IRDAI directs insurers to sell third part insurance cover online

Insurance companies are now directed to sell the mandatory Motor Third Party (TP) liability policy online, according to a directive from the insurance regulator. IRDAI has directed all general insurers to sell third-party cover online along with other regular channels. The insurers should also ensure easy availability of motor TP insurance and in no case can a request for it be denied. In case of absence of the policy, police can detain the vehicle till such time the valid Third Party insurance certificate is produced by the vehicle owner. The present instructions are aimed at ensuring easy availability of TP cover and compliance.

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