Indian Insurance: A Profile ---------jaico
Enthused and encouraged by the exemplary
success of Life Insurance Corporation of India the Government of India
in the early 1970s decided to bring in the general insurance industry
also into the vortex of a nationalised setup to provide comprehensive
insurance security to the people of India.
How effectively and substantially Life Insurance Corporation of India
and the four nationalised general insurance companies, the holding
companies of General Insurance Corporation of India, contributed to
redesigning the socio-economic fabric of modern India is a part of the
post independent economic history of India.
Though these two organisations have interlaced and intertwined their
destiny with that of India, the preference shift in the Indian markets,
new realities of the global economic order, and demands arising out of
multilateral trade agreements have all left India with no option other
than throwing open its economic and commercial policies to global
competition and challenges.