The Insurance sector field in the country was incorporated and governed under various recognized acts such as the Insurance Act 1938, Insurance Regulatory and Development Authority (IRDA) Act, 1999. It also includes the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972 and many other related Acts. Due to the huge number of population and large market areas in these population, there created numerous opportunities for the Insurance sector.

Nowadays this sector is considered as the business field growing with the rate of 15 to 20% annually. Integrated with the banking services, this sector adds about 7% to the country’s GDP. Besides all, the statistics for the insurance sector in the country is very poor because about 80% of the population in India is without any Life insurance and Health Insurance. This clearly shows the growth potential of this sector in the country. Some of the famous government firms in the insurance sector are mentioned here.

Major Government Firms in Insurance Sector

Life Insurance Corporation of India (LIC) – LIC is one of the prestigious companies in the insurance sector that is governed by the central government. The company was founded in the year 1956, by an Act passed in the Parliament. The company got its initial contribution from the Government of India. After its nationalization, the firm has built up a wide network of about 2048 branches, about 100 divisions and with 7 zonal offices all over the country. LIC has also transacts business in overseas and has regional offices in Fuji, Mauritius and the UK.

List of Insurance Companies in North Zone

Agriculture Insurance Company of India Limited – AIC was incorporated by the government of India with the aim to provide services for the various needs of farmers in India and to move towards a sustainable actuarial management. The company was organized to set up a new Corporation for the Agricultural Insurance.

The Oriental Insurance Company Limited – The Company was founded in the year 1947 in Mumbai with the aim to carry out General Insurance business in the country. The company was a subordinate of LIC of India from 1956 to 1973. It was a subdivision formerly owned by the Oriental Government Security Life Assurance Company Limited. Later in 2003 all shares by the company was transferred to the Central Government. The company holds the well known name for conducting a smooth and orderly business.

List of Insurance Companies in East Zone

National Insurance Company Limited – The Company was founded in the year 1906 with its headquarters in Kolkata. It was a subsidiary of GIC which was wholly owned by the Government of India. After the alteration Act of Nationalization of General Insurance Business, the company has separated from GIC and now operating as a Central Government undertaking. NIC is one of the foremost insurance companies in the public sector in the country, which carries out non life insurance business.

List of Insurance Companies in South Zone

United India Insurance Company Limited – UIIC was founded in India in the year 1938 as a company. After nationalization, UIIC has emerged up with many leaps and bounds. Now it has more than 18, 300 work forces that spread across the country in 1340 offices and provide insurance to more than one crore policy holders. UIIC now has a wide range of insurance products which provides insurance policy from bullock cart to satellites.

List of Insurance Companies in West Zone

New India Assurance Company Limited – NIACL is a popular insurance group in the world founded in the year 1919. It has various branches all over the country as well as in abroad. It has a network of about 1068 offices, which includes 26 regional offices, 393 divisional offices and about 648 branches. The company has got a large number of specialists and technically talented people at all stages of management.

The insurance sector in India has undergone many sea changes from the earlier stage itself. Since its liberalization, this industry has never gone down and at present it stands as one of the major competitive and exploring field in the country.