Based on the working population as per census 2001 data, the Insurance Regulatory and Development Authority (IRDA) has reported that the approximate total number of insurable persons in the country is 57,03,35,944.
The names of the insurance companies, both private and public sector is at Annexure.
The IRDA has informed that the details of insured persons, institutions etc. company-wise are not maintained.
As at 31.03.2010, the total number of policies in force relating to private life insurers are 4,03,63,200 and the lives covered under group new business by private life insurers are 4,19,59,796. IRDA has informed that the details of insured people belonging to Above the Poverty Line (APL) and Below the Poverty Line (BPL) category are not maintained.
The objectives achieved are as follows:
(i) The insurance penetration has increased from 2.32% to 5.51% over the period ` 2000 to 2010.
(ii) The number of insurance offices has increased from 2,199 in 2000 to 12,018 in 2010.
(iii) From the single channel system of tied agents which was predominant before opening up of the sector in 2000, multiple channels of distribution comprising brokers, bancassurance, corporate agents emerged in the decade and accounted for nearly 21 percent of the new business in the year 2009-10. These channels have aided in expanding the market as well as in better outreach.
(iv) The first year life insurance premium grew from Rs.19,857.28 crore in 2001-02 to Rs.1,09,894.02 crore in 2009-10. The total life insurance premium rose from Rs.50,094.46 crore in 2001-02 to Rs.2,65,450.37 crore in 2009-10.
ANNEXURE
Life Insurers (As on 20.06.2011) | Non-Life Insurers(As on 05.08.2011) |
Public Sector:
- Life Insurance Corporation of India
Private Sector: 1. Bajaj Allianz Life Insurance Company Ltd - Birla Sun Life Insurance Company Ltd
- HDFC Standard Life Insurance Company Ltd
- ICICI Prudential Life Insurance Company Ltd
- ING Vysa Life Insurance Company Ltd
- Max New York Life Insurance Co Ltd
- Met Life Insurance Company Ltd
- Kotak Mahindra Old Mutual Life Insurance Company Ltd
- SBI Life Insurance Co Ltd
- Tata AIG LIFE Insurance Co. Ltd
- Reliance Life Insurance Co Limited
- Aviva Life Insurance Co Ltd
- Sahara India Life Insurance Co. Ltd
- Shriram Life Insurance Co. Ltd
- Bharti AXA Life Insurance Company Ltd
- Future Generali India Life Insurance Co.Ltd
- IDBI Federal Life Insurance Co. Ltd
- Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
- AEGON Religare Life Insurance Co. Ltd
- DLF Paramica Life Insurance Co. Ltd
- Star Union Dia-ichi Life Insurance Co. Ltd
- India First Life Inasurance Co. Ltd.
- Edelweiss Tokio Life Insurance Co. Ltd.
| Public Sector: - National Insurance Co. Ltd
- The New India Assurance Co. Ltd
- The Oriental Insurance Co. Ltd
- United India Insurance Co. Ltd.
Private Sector: - Bajaj Allianz General Insurance Co. Ltd
- ICICI Lombard General Insurance Co Ltd
- IFFCO Tokio General Insurance Co. Ltd
- Reliance General Insurance Co. Ltd
- Royal Sundaram Alliance Insurance Co. Ltd
- Tata AIG General Insurance Co. Ltd
- Cholamandalam MS General Insurance Co. Ltd
- HDFC ERGO General Insurance Co. Ltd
- Export Credit Guarantee Corporation of India Ltd
- Agriculture Insurance Co. Ltd
- Star Health Insurance Co. Ltd
- Apollo Munich Health Insurance Co. Ltd
- Future Generalli India Insurance Co. Ltd
- Universal Sompo General Insurance Co. Ltd
- Shriram General Insurance Co Ltd
- Bharti AXA General Insurance Company Limited
- Raheja QBE General Insurance Company Limited
- SBI General Insurance Co. Ltd
- Max Bupa Health Insurance Co. Ltd
- L&T General Insurance Co. Ltd
Re-Insurer: - General Insurance Corporation of India
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