Government General Insurance Companies In India
Gic re or gic of india is a state owned enterprise in india it was incorporated on 22 november 1972 under companies act 1956.
Government general insurance companies in india. United india insurance co. General insurance corporation of india. Thereafter different insurance companies operating in india at that time merged with united india insurance and the company became a government owned general insurer. National portal of india is a mission mode project under the national e governance plan designed and developed by national informatics centre nic ministry of electronics information technology government of india.
The companies which have been recognized as the government owned insurance companies in india are as follows. Life insurance corporation of india. The firm offers policy insurance and renewal through its intermediaries and website. This multinational company is solely owned by the government and is the biggest in the public sector market.
New india assurance company limited. New india assurance co. After nationalisation united india has grown progressively and currently has a customer base of more than 1 crore individuals. 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. Updated list of top 10 best general insurance companies in india to buy insurance plans 1. The company has a gross written premium gwp of rs 147 89 billion fy 2019. Following is the list of insurance companies in india which have been approved by the insurance regulatory and development authority of india irdai which is a statutory body regulating and promoting the insurance and re insurance industries in india.
Icici lombard general insurance company limited is one of the leading private sector general insurance companies in india. New india assurance company was the fourth public sector general insurance company listed in november 2017. The company has 1924 offices in the country and has employee strength of 13923 as on 31 03 2016. Is a private public joint venture between three public sector banks namely indian overseas bank iob allahabad bank and karnataka bank.
Universal sompo general insurance company ltd. It has been developed with an objective to enable a single window access to information and services being provided by the various indian government entities.
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