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What is History and Evolution of Insurance in India about?

The concept of insurance originated over 6000 years ago from practices of sharing risks associated with maritime trade by pooling funds. Modern life insurance developed in England in the 16th century. Life insurance came to India in 1818 with the establishment of foreign companies. The Insurance Act of 1938 nationalized the insurance industry, leading to the formation of LIC in 1956 and GIC in 1973. Liberalization began in the 1990s, culminating in the passage of the Insurance Regulatory and Development Act

Author

Pooja Bhakuni

Language

EN