Public Sector Insurance Companies

The Parliament of India enacted the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of Indian was established on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

General Insurance Corporation of India (GIC Re) was approved as ‘Indian Reinsurer’ on 3rd November,2000. As an Indian reinsurer GIC has been giving reinsurance support to four public sector & other private general insurance companies.

It is the “largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations”. It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.

It is a state owned general insurance company in India. The company was established in 1906 and nationalised in 1972. It’s portofolio consists of a multitude of general insurance policies, offered to a wide arena of clients encompassing different sectors of the economy.[3] Apart from being leading insurance provider in India, NICL also serves Nepal.

Under Department of Financial Services, Ministry of Finance (India), is a public sector General Insurance Company of India and one of the top General Insurers in Asia. With the net worth of Rs 5407 crores and profit of Rs 528 crores, the company has collected gross premium of Rs 9709 crores as of in the financial year 2013-14. The company has more than seven decades of  experience in Non-life Insurance business and was formed to its present form by the merger of 22 companies, consequent to the nationalisation of General Insurance companies in India.

It was established on September 12, 1947 in the then Bombay. It was a completely owned subsidiary of Oriental Government Security Life Assurance Company Ltd. It was created with the mandate of executing its parent body’s general insurance operations.