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Opening up of the financial sector is one of the financial reforms which the government was to implement as an integral part of structural reforms and stabilization process of the economy. Insurance has a very important role in this process. The opening of the insurance market to private players and a conversion of a monopolistic market to a liberalized one has transferred the insurance industry in India. General insurance is one of the important parts of our financial system. The general insurance industry in India is now facing tremendous competition when many of the private sector insurance companies have entered in the insurance business. In these circumstances an attempt has been made to study the impact of privatization on general insurance industry in India. The present study evaluates the current situation of general insurance sector in India. This study is basically intended to analyze the growth of general insurance sector in India during the post privatisation period. Meanwhile the study focuses on financial performance of private and public general insurers before and after privatisation, to draw policy recommendations and make suggestions for enhancing the present status of general insurance companies in India. The study is basically descriptive in nature and it is based on secondary data collected from the reports published by IRDA and the websites.