{"id":21500,"date":"2015-01-06T08:23:44","date_gmt":"2015-01-06T08:23:44","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=21500"},"modified":"2024-04-03T13:14:58","modified_gmt":"2024-04-03T07:44:58","slug":"a-brief-history-of-insurance-in-india","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/a-brief-history-of-insurance-in-india\/","title":{"rendered":"A Brief History of Insurance in India"},"content":{"rendered":"<p style=\"text-align: center\" align=\"center\"><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/01\/a-brief-history-of-insurance-in-india.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-21564\" src=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/01\/a-brief-history-of-insurance-in-india-300x199.jpg\" alt=\"a-brief-history-of-insurance-in-india\" width=\"300\" height=\"199\" srcset=\"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/01\/a-brief-history-of-insurance-in-india-300x199.jpg 300w, https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/01\/a-brief-history-of-insurance-in-india.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p style=\"text-align: left\" align=\"center\">History of Insurance in India dates back to 4<sup>th<\/sup> century B.C. to the period of Chandragupta Maurya\u2019s regime. It was mentioned in the writings of Kautilya (Arthashastra), Manu (Manusmriti) and Yagnavalkya (Dharmashastra). These writings describe Insurance as \u201cpooling of resources that could be re-distributed\u00a0in times of calamities such as fire, floods, epidemics and famine\u201d. This was a kind of pre-cursor to modern day Insurance.<\/p>\n<p>India saw advent of Life Insurance business in 1818 with the establishment of Oriental Life Insurance Company in Calcutta thought it was failed in 1834. British Insurance Act was enacted in 1870 as a result Bombay Mutual(1871), Oriental(1874) and Empire of India(1897) were established in Bombay Residency in last 3 decades of 19<sup>th<\/sup> century, this era, however was dominated by foreign\u00a0 offices. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. An Ordinance was issued on\u00a019<sup>th<\/sup>\u00a0January, 1956 nationalizing the Life Insurance sector and Life Insurance Corporation, state owned body, came into existence in the same year. Though National Insurance Company established in 1906 is the oldest existing in India, LIC enjoyed monopoly till late 90s when Insurance sector was opened to private investors.<\/p>\n<p>In 1994 a committee under the chairmanship of RN Malhotra, former RBI Governor recommended that private sector be allowed to enter into Insurance industry forming joint ventures with Indian partners. As a result, Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body in 1999 to regulate and develop the insurance industry. Initially foreign companies were allowed to hold stakes up to 26%, which was increased to 49% in 2014. Now, with a growth rate of 15-20% Indian Insurance industry provides a great prospects for many domestic and foreign Insurance companies.<\/p>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/accounting-banking-and-finance\">Click here for government certification in Accounting, Banking &amp; Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>History of Insurance in India dates back to 4th century B.C. to the period of Chandragupta Maurya\u2019s regime. It was mentioned in the writings of Kautilya (Arthashastra), Manu (Manusmriti) and Yagnavalkya (Dharmashastra). These writings describe Insurance as \u201cpooling of resources that could be re-distributed\u00a0in times of calamities such as fire, floods, epidemics and famine\u201d. This&#8230;<\/p>\n","protected":false},"author":721,"featured_media":21564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1519],"tags":[1302,1693],"class_list":["post-21500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-banking-and-finance","tag-insurance","tag-insurance-history"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Brief History of Insurance in India - Vskills Blog<\/title>\n<meta name=\"description\" content=\"What is the history of Insurance in India? Apply for a Vskills certification now. Hurry up!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/blog\/a-brief-history-of-insurance-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Brief History of Insurance in India - Vskills Blog\" \/>\n<meta property=\"og:description\" content=\"What is the history of Insurance in India? Apply for a Vskills certification now. 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