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Overview of Insurance and Key Players

Insurance is a contract where one party agrees to pay an agreed amount of money to another party in the event of a loss from an uncertain event in which the insured has a financial interest. The insurance industry in India consists of 57 companies, with the first being Oriental Life Insurance established in 1818. Key insurance companies today include Reliance General Insurance, established in 2000, and Kotak Mahindra Life Insurance, established in 2001 in Mumbai, both offering various insurance products across many regions in India.

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29 views3 pages

Overview of Insurance and Key Players

Insurance is a contract where one party agrees to pay an agreed amount of money to another party in the event of a loss from an uncertain event in which the insured has a financial interest. The insurance industry in India consists of 57 companies, with the first being Oriental Life Insurance established in 1818. Key insurance companies today include Reliance General Insurance, established in 2000, and Kotak Mahindra Life Insurance, established in 2001 in Mumbai, both offering various insurance products across many regions in India.

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Insurance definition

Insurance is a contract or agreement under which one party agrees in return for a consideration
to pay an agreed amount of money to another party to make a loss, damage, or injury to
something of value in which the insured has a pecuniary interest as a result of some
uncertain event.

1. History of insurance and Lloyd’s contribution

Although insurance was solidified as an idea only in the 17th century, methods for distributing risk
were practiced by Indian and Chinese traders as far back as 3000 BCE.

Concepts of insurance have also been found in 3rd century BCE Hindu scriptures such as
Dharmasastra, Manusmriti, and Arthashastra.

Demand for marine insurance was growing due to a variety of reasons, but it can be traced back to
the great fire of London in 1666 which damaged more than 13000 houses. This was what convinced
people that insurance was not a convenience, rather, a necessity.

Near the end of the 17th century, a demand for marine insurance was seen in London due to its
growth as a centre for trade.

In 1680, Lloyd Edward opened a coffee house that was seen as the best place to go for obtaining
marine insurance. By the 1900s, Lloyd offered many types of insurance in addition to maritime risks.
2. Insurance Companies in India

The insurance industry is comprised of 57 insurance companies in India.

Insurance began in India in 1818 with the life insurance company, Oriental Life Insurance.

The Oriental Life Insurance Company began in 1818.

It is a public sector company owned by the government of India, established in Mumbai.

It offers general, vehicle, health, marine, property, crop, and aviation insurance.

As of 2023, Oriental Life Insurance has 29 regional offices and more than 1500 active branches
across the country.

Reliance General Insurance

Reliance General Insurance began in 2000.

It offers general, health, vehicle, travel, home, crop, and marine insurance.

As of now, Reliance General Insurance has more than 129 branches.

Kotak Mahindra Life Insurance Company Limited

Kotak Life Insurance was established in Mumbai, 2001.

It offers life and health insurance as of 2020.

Kotak Life Insurance offers its services in 148 towns and cities across India.

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