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ANNUAL REPORT 2007-08

By the end of March 2008, there were eighteen life insurance companies operating in India. Subsequently, Aegon Religare life insurance company limited and canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd., DLF Pramerica life insurance company limited were given Certificate of Registration by the Authority. With these two new companies the total number of life insurance companies operating in India rose to 21.

At the end March 2008, 19 general insurance companies were operating in India. Subsequently, Bharti Axa general insurance

company limited was granted the Certificate of Registration. With this, the total number of general insurance companies increased to 20.

Expansion of Offices

Life Insurance

1

20

21

General Insurance

6*

14**

20

Re-insurance

1

0

01

Total

8

34

42

TABLE 2 REGISTERED INSURERS IN INDIA

Type of business Public Sector Private Sector Total

  • *

    Includes specialized insurance companies - ECGC and AIC

** Includes two Standalone Health Insurance Companies – Star Health & Allied Insurance Co. and Apollo DKV Health Insurance Co.

The number of offices of the life insurers has increased dramatically in the year 2007-08 from 5373 at the beginning of the year to 8913 by the end of the year, showing a growth of

over 65 per cent. A major portion of this expansion was in the private sector whose offices more than doubled from 3072 to 6391. LIC’s offices increased at a more modest 10 per cent from 2301 offices to 2522.

Insurer

2001

2002

2003

2004

2005

2006

2007

2008

Private Insurers

13

116

254

416

804

1645

3072

6391

LIC

2186

2190

2191

2196

2197

2220

2301

2522

Industry Total

2199

2306

2445

2612

3001

3865

5373

8913

TABLE 3

LIFE INSURANCE OFFICES * AS ON MARCH 31, 2008

Private total

628

1169

2692

1902

6391

LIC

311

468

848

895

2522

Industry total

939

1637

3540

2797

8913

  • *

    Offices opened after seeking approal of the Authority.

11

Note

: 1) Data collected from life insurers through a special return.

Metro Urban

2) Based on the HRA classification of places done by the Ministry of Finance. : Delhi, Mumbai, Chennai, Kolkata, Hyderabad and Bangalore. : A, B-1 and B-2 class cities of the HRA classification.

Semi-urban

: C class cities of the HRA classification.

Others

: Places not listed in the HRA classification.

Note: 1) Data collected from life insurers through a special return

  • 2)

    Office as defined under Section 64 VC of the Insurance Act, 1938

    • *

      Offices opened after seeking approal of the Authority.

Significantly, the number of offices of private life insurers in semi-urban and smaller locations put together increased the highest, by over 140 per cent, from 1908 to 4592 in 2007-08.

Insurer

Total

TABLE 4 DISTRIBUTION OF OFFICES * OF LIFE INSURERS AS ON MARCH 31, 2008

Metro

Urban

Semi-urban

Others

11

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