History of insurance and finance in India
The history of insurance in India dates back to the early 19th century, during the British colonial period. The first insurance company in India, called the Oriental Life Insurance Company, was established in 1818 in Kolkata by British insurers. Banking System Over the next few decades, several other insurance companies were established, including the Bombay Life Assurance Company (1823), Madras Equitable Assurance Society (1829), and the Triton Insurance Company (1850). These companies primarily offered life insurance and fire insurance policies to British and European customers living in India. In 1870, the government of India passed the first comprehensive insurance legislation, the Indian Insurance Companies Act, which required all insurance companies to be registered and regulated by the government. This legislation was updated several times over the next century to keep pace with changing market conditions. In the early 20th century, Indian entrep...