Industry The Insurance Industry in India

The insurance industry of India has 57 insurance companies 24 are in the life insurance business, while 33 are non-life insurers. In Non Life Insurers there are 6 Public Sector companies and rest are Private Insurance companies.Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. In addition to these, there is a sole national re-insurer, namely General Insurance Corporation of India (GIC Re).

• IRDA(Insurance Regulatory Development Authority) is the regulator having the head office at Hyderabad
• Insurane Industry is having the pentration of 3.76% during 2020-21
• Insurance Industry now growing rapidly because of Customer Awarness, Digitalization,Innovation etc.