Population of the Country Under Insurance Net

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.

ANNEXURE

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 Re-Insurer: 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

Posted by : AIPEDEU,Odisha Circle.