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Insurance in India


The insurance market of India is included in number 25 of the most developed insurance markets of the world, getting $15,5 billion an insurance premium a year. Growth rates in the 1990th made 20% on life insurance and 12% - by other types. The share of insurance in gross domestic product makes about 2%, and by the size of an insurance premium on life insurance per capita the country takes the 57th place in world indexes.

From history of the Indian insurance

In India, insurance business in connection with navigation and trade development arose one of the first countries of Asia. In the X century BC in "Manusmriti's" civil code the major the method of protection against risks when transporting goods provided the loan agreement — "bottomry" provided with pledge of a vessel.

Insurance development in its modern forms began with the second half of the XIX century with opening in the largest cities of representations of the British insurance companies. The first colonial insurance company was created in 1818 in Calcutta.

The state monopoly for insurance and reinsurance is cancelled in India in 1999. The most essential elements of reform it is possible to read: permission to foreign investors to own to 40% of the capital of the Indian insurers, the 20-fold increase in the size of the requirement to the minimum capital of insurance company (to 1,0 billion rupees), and also canceling of mandatory cession (reinsurance) in favor of the national reinsurance company.

Now more than 20 protocols on intention are signed with involvement of foreign insurance companies about establishment of joint insurance companies in the country, including with involvement of the largest international insurers: "Allianz", "Commercial Union", "Royal & Sun Allianze", "AIG", "Zurich Insuranze", "Cigna".

Category: Insurance history in the different countries of the world | Added by: Chance23 (21.04.2014)
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