Insurance in India started as life insurance back in 1818 but they were mainly overseas companies. Later, the Indian Government took various steps for the regulation of insurance in India by passing various insurance laws and acts. In 1972, the General Insurance Company was nationalized with four main subsidiaries National Insurance Company, New India Insurance Company, Oriental Insurance Company and United India Insurance Company.
But now we can see a great rise in the number of insurance companies. These companies offer various plans and policies keeping in view the need of the insurer. This sector has also provided jobs to the unemployed people. There is lot potential growth of these types of companies in India.