Insurance Industry in India: A Journey from British India to Independent India | Original Article
Insurance has long history in India. The insurance process has been developed to defend the interests of common man from ambiguity by giving some assistance. The insurance policy is more important. The insurance provides protection and defense against the loss on an exacting occasion. The insurance sector is divided in two parts life and general or non-life Life insurance deals with only human lives and non-life deals with other than human life. In 1818, a British company called Oriental Life Insurance setup the first insurance firm in India followed by the Bombay Assurance Company in 1823 and the Madras Equitable Life Insurance Society in 1829. The government created a specific Board to deal with promotion of FDI in India and to be the sole agency to handle matters related to FDI. Private insurance has able to obtained 13 per cent of the life insurance market and 14 per cent of non-life market within very short period of time. However, there is still an enormous demand of insurance in market. The objective of this paper is to study the growth and progress of insurance industry in India.