collisions, earthquakes, fire, flood, theft, etc. These types of possible occurrences are “risks”Future is uncertain; nobody knows what is going to happen? Itmay or may not? Insurance is the concept of risk management –the need to manage uncertainty on account of above stated risks.Insurance is a way of financing these risks either fully orpartially. Insurance industry has both economic and socialpurpose and relevance Insurance business in India can be broadlydivided into two categories such as Life Insurance and GeneralInsurance of Non-life insurance.
History of Insurance in India:
Insurance has a long history in India. Life Insurance in itscurrent form was introduced in 1818 when Oriental Life InsuranceCompany began its operations in India. General Insurance washowever a comparatively late entrant in 1850 when TritonInsurance company set up its base in Kolkata. History of Insurance in India can be broadly bifurcated into three eras:a) Pre Nationalisation,b) Nationalisation and,c) Post Nationalisation.