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Brief History of Insurance in India

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Brief History of Insurance in India                 In India, insurance has a deep-rooted history. It finds mention in the writings of Manu (  Manusmrithi  ), Yagnavalkya (  Dharmasastra  ) and Kautilya (  Arthasastra  ). The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular.    1818 saw the  advent of life insurance business in India  with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the enactment of the British Insurance Act and
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Trade and Commerce in Ancient India

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Trade and Commerce in Ancient India                                                                  During ancient times Hindus were the masters of the seaborne trade of Europe, Asia and Africa. Till about the beginning of the 18 th  century almost every nation on earth obtained to a large extent its supplies of fine cotton and silk fabric, spices, indigo, sugar, drugs, precious stones and many curious works of art from India in exchange of gold and silver. This traditional prosperity of India began to vanish only at the dawn of the Industrial Revolution in the west.                              In industrial production ancient India was far ahead in comparison with other countries of those times. According to Prof. Weber the skill of the Indians in the production of delicate woven fabrics, in the mixing of colours, the working of metals and precious stones, the preparation of essences and in all manner of technical art, has from early times enjoyed a world-wide ce
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