Evolution of Insurance Industry.
Vision Innovative,
The insurance industry is the backbone of country’s Risk Management. The beginning of the Indian insurance industry dates back to the nineteenth century. In 1818, Europeans started Oriental Life Insurance Company in Kolkata (Calcutta) to exclusively serve their community. Colonial masters with racial prejudice unfairly characterised the age and premium for Indians. The Indian policy holders paid more premium than European counterparts. Indians desperately wished for Indian insurance companies to set foot in the market. Bombay Mutual Life Assurance Society started in 1870 was the first Indian insurance company to cover the lives of the Indians at normal rates. Triton Insurance Company Ltd in the year 1850 is the first general insurance company. Gradually insurance business fledged into a huge sector boosting the economy of India.
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