In India, insurance has a deep-rooted history with its earliest traces preserved in the form of marine trade loans and carriers’ contracts. Over time, the Indian insurance industry has evolved heavily and draws inspiration from several countries, England in particular.
In 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. Today India has 34 General Insurance companies including 6 stand-alone Health Insurance companies. In general insurance, we classify the risks broadly on two categories based on who is the insured:
Personal Insurance: Where the insured is an individual or his family.
Commercial Insurance: Where the insured is an entity/organisation generally engaged in business but could also include social /charitable organizations as well.