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.
A motor insurance policy protects the vehicle owner from financial losses arising out of unforeseen events such as accident, theft or damage.
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Health insurance plans secure the medical and surgical expenses of the insured in the event of an injury/ illness.
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Travel insurance provides security against costs and losses that one may incur unexpectedly while travelling in India or abroad.
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Insurance of goods against damage/ loss to cargo vessel, ships and terminals when dispatched from one point of origin to another.
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Fire insurance protects against loss or damages caused to the policyholder's property in a fire.
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Liability insurance safeguards individuals and/or businesses against risks where they may be held legally liable.
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Engineering Insurance provides protections against risks faced by construction projects, installation projects and in machinery and equipment.
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Property insurance broadly covers policies that provide either property protection coverage or liability coverage for property owners.
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These insurance policies cover miscellaneous risks, not covered by any specific policy
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