General Insurance Companies Govt Of India
The oriental insurance company ltd was incorporated in the year 1947.
General insurance companies govt of india. United india insurance company. It is promoted by tamil nadu government in association with united india insurance company ltd. Gic re or gic of india is a state owned enterprise in india it was incorporated on 22 november 1972 under companies act 1956. 1938 34 universal sompo general insurance company.
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. 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. In 2003 all shares of the company held by the general insurance corporation of india were transferred to the government of india. The oriental india insurance company limited was established on september 12 th 1947.
With aggressive govt policies related to foreign trade coming in most of the market researchers foresee the fdi levels in this sector to go beyond the current 26. 99 556 as premium in 1950. The entire general insurance business in india was nationalised by general insurance business nationalisation act 1972 gibna. 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.
Is a private public joint venture between three public sector banks namely indian overseas bank iob allahabad bank and karnataka bank. It is available in 71 cities and the plan is to expand the scope to more areas. The company has 30 regional offices and 1800 branches across the country. General insurance corporation of india since 1972.
As the leading general insurance company in india it has offices in nepal kuwait and dubai. Central government health insurance scheme covers allopathy and homeopathy as well. As of january 2020 irdai has recognized one reinsurance company. Oriental india insurance company.
Universal sompo general insurance company ltd. The company has 1924 offices in the country and has employee strength of 13923 as on 31 03 2016. As a sole reinsurer in the domestic reinsurance market gic re provides reinsurance to the direct general insurance companies in the indian market. This is a state government scheme.
The list of general insurance companies in india. The company collected rs. 6 chief minister s comprehensive insurance scheme.
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