India: From a Colonial Outpost to a Leading Market

G. Balachandran

in World Insurance

Published in print August 2012 | ISBN: 9780199657964
Published online September 2012 | e-ISBN: 9780191744709 | DOI:
India: From a Colonial Outpost to a Leading Market

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This chapter traces the history of the Indian insurance industry. India is considered to be one of the pioneers for the introduction of ‘market insurance’ in Asia. Already in the 1790s British insurers operated in India through ‘agency houses’ that, besides insurance, sold a curious portfolio of goods that reportedly included elephants. The East India Company also insured its cargoes through insurance offices in India. The first insurance company to be incorporated in India was by common consent the Oriental Life Insurance Company, founded by a Scotsman in Calcutta in 1818, with funds from three Indian businessmen.

Keywords: Indian insurance industry; insurance history; market insurance; East India Company; Oriental Life Insurance Company

Chapter.  14115 words. 

Subjects: International Business

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