“BRIEF HISTORY OF INSURANCE WITH SPECIAL REFERENCE TO INDIA”

In today’s time, human life is full of risk. Insurance is the device to minimize and compensate losses arising out of various hazards to the economic and business activities in a specific or global economic system. The paper addresses the origin and history of insurance. The paper explains the Indian insurance market scenario prior to and after economic liberalization that took place in the 1990s. The paper also deals with the introduction of IRDA and the role of IRDA in the Indian Insurance markets.