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Insurance Article

History of Insurance and General Insurance in India

June 20 2013

"The Code of Hammurabi" is a one of its kind first written law. It was during this epoch that traders paid an amount to King Hammurabi to ensure that their goods arrived safe by the caravan.

With every passing phase in History, there have been umpteen number of styles adopted in insurance & this is how the first official contract of insurance got signed in Genoa in 1347.

Though Llyod's of London became the official insurance company abroad, in India the first insurance policy was issued in the year 1870 by 'The European & The Albert'. It was during this same year that the first Insurance company 'Bombay Mutual Assurance Society Ltd.' was formed.

The history of General Insurance can be dated back to the 17th Century; during the Industrial Revolution. General Insurance in India came as a British Occupation. So, Triton Insurance Company Ltd., in the year 1850 in Calcutta came to the introduced by the British. In the year 1907, Indian Mercantile Insurance Ltd, was the first company to manage all classes of general insurance business.

Since, 1907, there has been no stopping for emergence of general insurance companies. So today, may it be securing home, car, two wheeler, travel, health and more a company like ICICI Lombard General Insurance Company Ltd. is a single platform that can fulfill right from basic to other insurance needs of every individual. So what are you waiting for! Just log on www.icicilombard.com and insure everything that’s closer to your heart instantly!

Source: http://www.quotelinedirectblog.co.uk/interesting-insurance-trivia-and-facts/

Source: http://www.slideshare.net/piyush_khare/lic-and-insurance-history-presentation

Source: http://www.irda.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo4&mid=2

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