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Wednesday, November 30, 2011

Population of the Country Under Insurance Net

              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.
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
General Insurance Corporation of India

This information was given by the Minister of State for Finance, Shri   Namo Narain Meena in written reply to an Unstarred Question in Rajya  Sabha today.
Source : PIB Release, November 29, 2011

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