Following is the list of insurance companies in India which have been approved by the Insurance Regulatory and Development Authority of India (IRDAI) which is a statutory body regulating and promoting the insurance and reinsurance industries in India.There are three types of Insurance Companies in India which are as given below:
As of July 2024, IRDAI has recognized 24 life insurance companies. Following is the list: [1]
# | Company | Sector | Headquarters | Founded |
---|---|---|---|---|
1 | Life Insurance Corporation of India | Govt. | Mumbai | 1956 |
2 | HDFC Life Insurance Co. Ltd. | Private | Mumbai | 2000 |
3 | Max Life Insurance Co. Ltd. | Private | Delhi | 2000 |
4 | ICICI Prudential Life Insurance Co. Ltd. | Private | Mumbai | 2000 |
5 | Kotak Mahindra Life Insurance Co. Ltd. | Private | Mumbai | 2001 |
6 | Aditya Birla Sun Life Insurance Co. Ltd. | Private | Mumbai | 2000 |
7 | TATA AIA Life Insurance Co. Ltd. | Private | Mumbai | 2001 |
8 | SBI Life Insurance Co. Ltd. | Public | Mumbai | 2001 |
9 | Bajaj Allianz Life Insurance Co. Ltd. | Private | Pune | 2001 |
10 | PNB MetLife India Insurance Co. Ltd. | Private | Mumbai | 2001 |
11 | Reliance Nippon Life Insurance Company | Private | Mumbai | 2001 |
12 | Aviva Life Insurance Company India Ltd. | Private | Gurugram | 2002 |
13 | Sahara India Life Insurance Co. Ltd. | Private | Lucknow | 2004 |
14 | Shriram Life Insurance Co. Ltd. | Private | Hyderabad | 2005 |
15 | Bharti AXA Life Insurance Co. Ltd. | Private | Mumbai | 2008 |
16 | Future Generali India Life Insurance Co. Ltd. | Private | Mumbai | 2007 |
17 | Ageas Federal Life Insurance Co. Ltd. | Private | Mumbai | 2008 |
18 | Canara HSBC Life Insurance Co. Ltd. | Private | Gurugram | 2008 |
19 | Bandhan Life Insurance Co. Ltd. | Private | Mumbai | 2008 |
20 | Pramerica Life Insurance Co. Ltd. | Private | Mumbai | 2008 |
21 | Star Union Dai-ichi Life Insurance | Private | Mumbai | 2008 |
22 | IndiaFirst Life Insurance Co. Ltd. | Private | Mumbai | 2009 |
23 | Edelweiss Tokio Life Insurance Co. Ltd. | Private | Mumbai | 2011 |
24 | Credit Access Life Insurance limited | Private | Bengaluru | 2023 |
25 | Acko Life Insurance Limited | Private | Bengaluru | 2023 |
26 | Go Digit Life Insurance Limited | Private | Pune | 2023 |
As of January 2024, IRDAI has recognized 32 non-life insurance companies of which 5 are standalone health insurance companies. [2] [3]
As of January 2023, IRDAI has recognized one reinsurance company. [4]
Company | Sector | Headquarters | Founded | |
---|---|---|---|---|
1 | General Insurance Corporation of India | Govt. | Mumbai | 1972 |
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
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Catastrophe bonds are risk-linked securities that transfer a specified set of risks from a sponsor to investors. They were created and first used in the mid-1990s in the aftermath of Hurricane Andrew and the Northridge earthquake.
Insurance in India covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.
Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise.
General Insurance Corporation of India Limited,, is an Indian public sector reinsurance company, headquarters in Mumbai, India. It was incorporated on 22 November 1972 under Companies Act, 1956. It was the sole nationalised reinsurance company in the Indian insurance market until the insurance market was open to foreign reinsurance players by late 2016 including companies from Germany, Switzerland and France. GIC Re's shares are listed on BSE Limited and National Stock Exchange of India Ltd.
Niva Bupa Health Insurance Company Limited is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India.
HDFC ERGO General Insurance Company Limited is a 51:49 joint venture firm between HDFC and ERGO International AG. It is one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The retail sector includes various products like health insurance, vehicle insurance, travel insurance, home insurance, personal accident insurance, and cyber insurance. The Corporate sector includes products like liability, marine, and property insurance. Rural sector products include rainfall index insurance, Pradhan Mantri Fasal Bima Yojana, and cattle insurance policy.
The Nonadmitted and Reinsurance Reform Act of 2010 is a United States law regulating the sale of insurance in states where the insurer is usually not authorized to sell insurance. It prevents states other than the home state of a U.S. insurance company from imposing regulations or taxes on the sale of nonadmitted insurance.
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
HDFC Life Insurance Company Limited is a long-term life insurance provider headquartered in Mumbai, offering individual and group insurance services. The company was incorporated on 14 August 2000.
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Motor Vehicle Insurance in India protects the motor vehicle owner against (a) the loss of or damage to the vehicle due to an insured risk, loss of use, theft, etc., and (b) indemnification if the vehicle owner is liable to any third party by law. Third-party insurance is a legal requirement. The vehicle's owner is legally responsible for any injury, danger, or damage to life or property of a third party caused or arising from the use of the vehicle in a public place. Driving without insurance in a public place is a punishable offence under the Motor Vehicles Act of 1988.
The Office of Insurance Commission (OIC) is the regulator of Thailand’s insurance industry operating under the supervision of the Thai Minister of Finance. The OIC is empowered to regulate insurance companies, brokers and agents and was established under the Thailand Government Insurance Commission Act B.E. 2550 which summarized the role of the Commission as "to supervise and promote insurance business conduct". Prior to this, insurance is regulated by the Department of Insurance, part of the Thai Ministry of Commerce.
Liberty General Insurance Limited is a private general insurance company headquartered in Mumbai, India. It is a joint venture among US property casualty insurer Liberty Mutual Insurance Group, Indian private investment fund Enam Securities, and Indian industrial conglomerate DP Jindal Group.
Sadharan Bima Corporation is the one and only state-owned non-life insurer and reinsurer in Bangladesh under the Ministry of Finance, Government of the People's Republic of Bangladesh. Both Sadharan Bima Corporation, the non-life insurer, and Jiban Bima Corporation, the life insurer, were created under the Insurance Corporation Act of 1973 of Bangladesh.
Kotak General Insurance Company Ltd. is a general insurance company headquartered in Mumbai. It offers non-life insurance products like motor, health, home and others.
Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. The corporation was established in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. It provides a digital platform—website and an app—where users can compare insurance policies and other financial services from major insurance companies. The company is India's largest insurance aggregator, and has expanded its operations to the United Arab Emirates.
Acko General Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017. Acko follows an online-led model and hence all operations for the company are offered through the digital platform.
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