Article

Types of Insurance Companies
September 14 , 2012

Insurance companies can be generally divided into three: life insurers, non-life insurers and reinsurers. These function under the purview of Insurance Regulatory and Development Authority (IRDA).

Life insurance companies

Life insurers provide insurance products related to human life. There are 23 Life insurance companies in India. LIC is the nationalized insurance company. The rest are private players. Majority of the insurance policies cater to the risk of premature death. Of late life insurance companies have been launching products to address risk of illness and accidents either as stand-alone policies or as add-ons to life insurance policies.

Non-life insurance companies

General insurers mainly cover risks to assets. They also cover the risk of illness and accidents, occurring to human lives. There are 27 general insurance companies in India. 4 of them - The New India Assurance Company Ltd, The Oriental Insurance Company Ltd, United India Insurance Company Ltd, National Insurance Company Ltd are nationalized companies.

Reinsurance companies

Insurance companies take on the risks of individuals and businesses. However since all businesses run risks, the insurance companies themselves would want to transfer their risks. This is provided by reinsurance companies. Re-insurers carry on a certain percentage of insurers' risks. So practically a reinsurance company is insurer to insurers. General Insurance Company (GIC) is the nationalized and the only reinsurance company in India.

Fintotal Knowledge the best place to learn more on personal finance.

The language is simplified and written specially for non finance background individuals.


Explore more in a easy manner.

Table of Contents

Table of Contents

  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed
  • No Article Listed

Get the all financial products under one roof only at

you will NEVER GO WRONG with us!

Unbiased . Best Deals . Appropriate Products . No Mis-selling