History of Insurance Industry in India

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When was the first British insurance firm established in India?

1818

What was the extra premium charged to Indians compared to the British before the establishment of the Bombay Mutual Life Assurance Society?

Up to 20%

In which year did the first statutory measure in India to regulate the life insurance business come into effect?

1912

Which act was the Indian Life Assurance Companies Act, 1912 based on?

English Act of 1909

Why were other classes of insurance business left out of the scope of the Act of 1912?

They were still in rudimentary form and legislative controls were not considered necessary

Which city saw the establishment of the Madras Equitable Life Insurance Society?

Madras

Explore the historical development of the insurance industry in India, from its origins rooted in the United Kingdom to the establishment of key insurance companies in different regions of India. Learn about the distinct stages that marked the growth of the insurance sector in the country.

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