The history of general insurance in India began with the establishment of the Triton Insurance Company Ltd. in 1850, making it the first general insurance company in India.
Founded in Calcutta (now Kolkata) by the British, Triton primarily catered to the European community living in India at the time. Its operations focused on marine insurance, which was a critical service for colonial trade, followed later by fire and other non-life insurance products.
“Triton laid the groundwork for what would become India’s robust general insurance sector,” said an insurance historian at the Insurance Institute of India.
This early beginning marked the start of formalized insurance practices in the country. The sector remained dominated by foreign companies until India’s independence, after which a wave of nationalization and reforms began.
- Company Name: Triton Insurance Company Ltd.
- Established: 1850
- Location: Calcutta (Kolkata)
- Significance: First general insurance company in India
- Type of Insurance: Primarily marine, later expanded to other general insurance segments
Triton’s legacy paved the way for future developments, including the formation of the General Insurance Corporation of India (GIC) in 1972, when the government nationalized over 100 Indian insurers to streamline and regulate the industry.
Today, India’s general insurance sector includes major players like New India Assurance, United India Insurance, ICICI Lombard, and HDFC ERGO, continuing a journey that began with Triton’s pioneering steps over 170 years ago.
