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.
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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:
Private Sector: 1. Bajaj Allianz Life Insurance Company Ltd
| Public Sector:
Private Sector:
Re-Insurer:
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