Insurance in India dates back to the year 1850 with the first General Insurance company established in Calcutta. Soon, with the passage of years the market became competitive as many insurers started emerging both in life and non-life sectors.
Each company practised business on its rates and rules. It made customers’ insecure which brought the credibility of the insurance market at stake. As early as the government realized this fact, they thought of securing the customer’s interest first and hence established an independent regulatory body called IRDA.
Over time, new demands rolled and the market got flooded with several insurance products. Like a responsible head of the family would act to prevent the family from any damage, IRDA monitors the development of the insurance industry and other related activities.