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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.

DSM/Hb

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