Emergence of Insurance Realm in India

Author:Vijay Singh Negi*

Abstract:
In our nation, insurance serves as an extended record. When Oriental Life Insurance Company started business in India in 1818, life insurance as we know it today was invented. However, general insurance entered the market very late, in 1850, when Triton Insurance opened its business in Kolkata. Indian insurance history is divided into three periods: Pre-Nationalization, During Nationalization, and Post-Nationalization. In 1956, life insurance was the first insurance industry that was nationalized. The movement was accompanied by General Insurance, which was nationalized in 1973. With United India, New India, Oriental, and National serving as its accessories, the governing structure of General Insurance Corporation of India underwent revolution. The Economic Reform Program, which began in 1991, served as the impetus for the system of launching the coverage area. As a result, the Malhotra Committee was established, and after it issued a report in 1994, the Insurance Regulatory Development Act (IRDA) was passed in 1999. As a result, Indian Insurance became an open door for certain agencies, and in 2001, a private insurance firm successfully launched operations. One of India's most popular investment sites for both Indians and NRIs is the insurance sector. In the encyclopaedically expanding coverage husbandry, India is the fifth-largest coverage request. The development of coverage awareness among individuals, innovative products, and disbursement methods is sustaining the expansion of the insurance sector.

Keywords:Key Words: Nationalization, Disbursement channels, IRDA, Private and Public Insurance.

DOI:10.46333/ijtc/11/2/11

International Journal of Trade & Commerce (Vol: 11 Issue:2)