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World InsuranceThe Evolution of a Global Risk Network$
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Peter Borscheid and Niels Viggo Haueter

Print publication date: 2012

Print ISBN-13: 9780199657964

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199657964.001.0001

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India: From a Colonial Outpost to a Leading Market

India: From a Colonial Outpost to a Leading Market

Chapter:
(p.444) Chapter 19 India: From a Colonial Outpost to a Leading Market
Source:
World Insurance
Author(s):

G. Balachandran

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199657964.003.0019

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

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