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Global Review: Global Review: India - A passage to India.
(From Reinsurance)
Background
Since the turn of the millennium, India has been steadily moving away from micro-managing the insurance market and allowing the private sector to compete.
Before the year 2000, insurance was completely controlled by the state conglomerates the Life Insurance Corporation of India (LIC) and the General Insurance Corporation (GIC). GIC had four subsidiaries, now de- linked, writing general business namely New India, National Insurance, United India and Oriental Insurance.
For just over four and a half years, the LIC has been in competition with 13 private-sector life insurers.
The former GIC subsidiaries are also competing against nine private-sector non-life insurers of which all but two are foreign joint-venture partnerships.
Although the state-owned companies still dominate the landscape, private non-life companies are coming into their own and from a standing start have captured an estimated combined 17% of non-life gross premiums as of June 2005.
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