The History Of General Insurance

History Of General Insurance

1957 saw the formation of the General Insurance Council, a wing of the Insurance Association of India. The General Insurance Council framed a code of conduct for ensuring fair conduct and sound business practices.

The past of general insurance in India dates back to the Industrial rebellion in the west and the resulting growth of sea-faring trade and commerce in the 17th century. It came to India as a inheritance of British occupation. General Insurance in India has its roots in the organization of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of general insurance business.Travel insurance is part of general insurance.

In 1968, the Insurance Act was amended to regulate investments and set minimum solvency margins. The Tariff Advisory Committee was also set up then.