International Journal of Marketing & Financial Management
Print ISSN : 2349 –2546
Online ISSN : 2348 –3954
Frequency : Monthly
Current Issue : Volume 6 , Issue 2
2018
*Mr. Anuj Tyagi, **Dr. Richa Singhal
*Research Scholar, Department of Management Studies, Sunrise University-Alwar, **Department of Management Studies, Sunrise University-Alwar
Published Online : 2018-02-28
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ABSTRACT
The insurance industry of India consists of 57 insurance companies of which 24 are in life insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the non-life insurers there are six public sector insurers. In addition to these, there is sole national re-insurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian Insurance market include agents (individual and corporate), brokers, surveyors and third party administrators servicing health insurance claims.
Out of 33 non-life insurance companies, five private sector insurers are registered to underwrite policies exclusively in health, personal accident and travel insurance segments. They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd, Religare Health Insurance Company Ltd and Cigna TTK Health Insurance Company Ltd. There are two more specialised insurers belonging to public sector, namely, Export Credit Guarantee Corporation of India for Credit Insurance and Agriculture Insurance Company Ltd for crop insurance.
Key-Words: GIC, LIC, IRDA, KYC.
