General Insurance Companies Govt Of India
As of january 2020 irdai has recognized one reinsurance company.
General insurance companies govt of india. The government aims to complete merger of three state owned general insurance companies national insurance co ltd united india insurance co ltd and oriental insurance co ltd by the end of march finance secretary rajiv kumar said respective boards of the three companies have already given their in principal approvals for the merger. Oriental india insurance company. As the leading general insurance company in india it has offices in nepal kuwait and dubai. 99 556 as premium in 1950.
The company collected rs. The company has 30 regional offices and 1800 branches across the country. In 2003 all shares of the company held by the general insurance corporation of india were transferred to the government of india. The oriental insurance company limited.
The entire general insurance business in india was nationalised by general insurance business nationalisation act 1972 gibna. The oriental insurance company ltd was incorporated in the year 1947. 1938 34 universal sompo general insurance company. United india insurance company.
Gic re or gic of india is a state owned enterprise in india it was incorporated on 22 november 1972 under companies act 1956. Universal sompo general insurance company ltd. General insurance corporation of india since 1972. Is a private public joint venture between three public sector banks namely indian overseas bank iob allahabad bank and karnataka bank.
This is a state government scheme. 6 chief minister s comprehensive insurance scheme. The list of general insurance companies in india. One of the leading fmgc companies of india and sompo japan nipponkoa a private japanese insurance company based out in tokyo.
It is promoted by tamil nadu government in association with united india insurance company ltd. It is available in 71 cities and the plan is to expand the scope to more areas. As a sole reinsurer in the domestic reinsurance market gic re provides reinsurance to the direct general insurance companies in the indian market. Company sector headquarters founded 1 general insurance corporation of india.
The oriental india insurance company limited was established on september 12 th 1947. The government of india goi through nationalisation took over the shares of 55 indian insurance companies and the undertakings of 52 insurers carrying on general insurance business. Gic re has its registered office and headquarters in mumbai it was the sole 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.
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