General Insurance Products: From History to Present
1. Introduction to General Insurance:
General insurance provides financial protection against losses or damages other than life. These
include motor, health, travel, home, and commercial insurance. It is a contract between the insurer
and insured, where the insurer promises compensation in case of certain specified losses.
2. History of General Insurance in India:
- The general insurance business in India traces its roots to the 19th century with the establishment
of Triton Insurance Company in 1850 in Kolkata.
- In 1907, the Indian Mercantile Insurance Ltd. was set up.
- The sector remained largely unregulated until the Insurance Act, 1938.
- In 1972, the Government nationalized general insurance under the General Insurance Business
(Nationalisation) Act, creating GIC and its subsidiaries.
3. Key Milestones in the Evolution:
- 1850: Triton Insurance Company established.
- 1907: Indian Mercantile Insurance set up.
- 1938: Insurance Act passed.
- 1972: General Insurance nationalised; GIC formed.
- 2000: IRDA established, allowing private players in the sector.
- 2002 onwards: Market opened up, leading to growth and innovations.
4. Types of General Insurance Products:
- Motor Insurance: Covers private and commercial vehicles against damages and liabilities.
- Health Insurance: Covers medical expenses and hospitalization.
- Travel Insurance: Covers trip cancellations, medical emergencies abroad, and loss of baggage.
1. Introduction to General Insurance:
General insurance provides financial protection against losses or damages other than life. These
include motor, health, travel, home, and commercial insurance. It is a contract between the insurer
and insured, where the insurer promises compensation in case of certain specified losses.
2. History of General Insurance in India:
- The general insurance business in India traces its roots to the 19th century with the establishment
of Triton Insurance Company in 1850 in Kolkata.
- In 1907, the Indian Mercantile Insurance Ltd. was set up.
- The sector remained largely unregulated until the Insurance Act, 1938.
- In 1972, the Government nationalized general insurance under the General Insurance Business
(Nationalisation) Act, creating GIC and its subsidiaries.
3. Key Milestones in the Evolution:
- 1850: Triton Insurance Company established.
- 1907: Indian Mercantile Insurance set up.
- 1938: Insurance Act passed.
- 1972: General Insurance nationalised; GIC formed.
- 2000: IRDA established, allowing private players in the sector.
- 2002 onwards: Market opened up, leading to growth and innovations.
4. Types of General Insurance Products:
- Motor Insurance: Covers private and commercial vehicles against damages and liabilities.
- Health Insurance: Covers medical expenses and hospitalization.
- Travel Insurance: Covers trip cancellations, medical emergencies abroad, and loss of baggage.
