Page 5 - Life Insurance Today January 2018
P. 5
Cover Story
HAS TRUST IN
INSURANCE
COMPANIES
REACHED A PEAK
UNDER IRDAI'S
LEADERSHIP?
T he General insurance industry was nationalized transferred to the Government of India. Today, out of 29
in 1972 and 107 insurers were grouped and
non-life insurance companies, there are six public sector
amalgamated into four Companies - National
Agriculture Insurance Company Ltd for Crop Insurance and
Insurance Co. Ltd., The New India Assurance Co. insurers, which include two specialised insurers namely
Ltd., The Oriental Insurance Co. Ltd. and United India Export Credit Guarantee Corporation of India for Credit
Insurance Co. Ltd. The GIC was incorporated in the year Insurance.
1972 and the other four companies became its
subsidiaries. In November 2000, GIC was notified as the Moreover, there are 6 private sector insurers are
Indian Reinsurer, and its supervisory role over its registered to underwrite policies exclusively in Health,
subsidiaries was brought to an end. From 21 March 2003, Personal Accident and Travel insurance segments. They are
GIC's role as a holding company of its subsidiaries also Star Health and Allied Insurance Company Ltd, Apollo
came to an end and the ownership of the subsidiaries was Munich Health Insurance Company Ltd, Max Bupa Health
Insurance Company Ltd, Religare Health Insurance
About the author Company Ltd and Cigna TTK Health Insurance and Aditya
Birla Health Insurance Company Ltd. In the last financial
Mr Jagendra Kumar is currently the
Corporate Head (Training) at Shriram year, the general insurance industry had seen a record
General Insurance Company. Mr Kumar is a growth of around 32%, largely due to the success of crop
prolific writer and has wide experience in insurance.
the general insurance industry. Before
Jagendra joining SGI he was the Ex. CEO in Pearl
Kumar The first quarter of FY 2017-18 has been good for the
Insurance brokers. general insurance industry. The Indian general insurance
“Life is like photography. You need the negatives to develop.”
Life Insurance Today January 2018 5
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