Public Sector Insurance Companies
- Life Insurance Corporation of India
- General Insurance Corporation of India
- National Insurance Co. Ltd.
- Oriental Insurance Co. Ltd.
- New India Assurance Co. Ltd.
- United India Insurance Co. Ltd.
- Export Credit Guarantee Corporation of India Ltd
Life Insurance Corporation of India
Head office- Mumbai
Chairman - Shri S. K. Roy
The Parliament of India enacted the Life Insurance Corporation Act on
the 19th of June 1956, and the Life Insurance Corporation of Indian was
established on 1st September, 1956, with the objective of spreading life
insurance much more widely and in particular to the rural areas with a
view to reach all insurable persons in the country, providing them
adequate financial cover at a reasonable cost.
General Insurance Corporation
Head office- Mumbai
Chairman - Mrs. Alice G. Vaidyan
General Insurance Corporation of India (GIC Re) was approved as ‘Indian
Reinsurer’ on 3rd November,2000. As an Indian re insurer GIC has been
giving reinsurance support to four public sector & other private
general insurance companies.
The New India Assurance Co. Ltd.
Head office- Mumbai
Chairman - G.Srinivasan
It is the "largest general insurance company of India on the basis of
gross premium collection inclusive of foreign operations". It was
founded by Sir Dorabji Tata in 1919, and was nationalized in 1973.
National Insurance Company Limited (NICL)
Head office- Kolkata
Chairman - Shri A.V. Girija Kumar
It is a state owned general insurance company in India. The company was
established in 1906 and nationalized in 1972. It's portfolio consists
of a multitude of general insurance policies, offered to a wide arena of
clients encompassing different sectors of the economy.[3] Apart from
being leading insurance provider in India, NICL also serves Nepal.
United India Insurance Company Limited
Head office- Chennai
Chairman - Milind Kharat
Under Department of Financial Services, Ministry of Finance (India), is a
public sector General Insurance Company of India and one of the top
General Insurers in Asia. With the net worth of Rs 5407 crores and
profit of Rs 528 crores, the company has collected gross premium of Rs
9709 crores as of in the financial year 2013-14. The company has more
than seven decades of experience in Non-life Insurance business and was
formed to its present form by the merger of 22 companies, consequent to
the nationalization of General Insurance companies in India.
Oriental Insurance Company Ltd
Head office- New Delhi
Chairman - Dr. A.K.Saxena
It was established on September 12, 1947 in the then Bombay. It was a
completely owned subsidiary of Oriental Government Security Life
Assurance Company Ltd. It was created with the mandate of executing its
parent body’s general insurance operations.
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