General Insurance Companies
A general insurance company is an organization that makes a range of non-life insurance policies available to its customers. When a customer purchases a policy, they pay a premium and in return, the enterprise offers them benefits to keep them protected.
In India, you can find numerous popular and well-known general insurance companies. Here are a few in particular preference or order Bajaj Allianze General Insurance, Digit General Insurance, Edelweiss General Insurance, SBI General Insurance, etc.
Why Is It Essential To Choose the Best Insurance Companies?
When it comes to matters of you and your family, you want nothing but the best. The same applies to choosing an insurance company. With thorough research, you can determine what’s best for your family. So, take some time and do your research. When you compare different insurers you can make an informed decision as you get an in-depth view of different aspects of the company which ensures they fit your needs. The research will pay off because you know you and your loved ones have the needed protection so you can stay calm.
Different Factors To Consider Before Choosing A General Insurance Company
Let’s take a look at some of the primary parameters you need to look into prior to selecting a general insurance company.
- Reputation of the Company – With numerous insurers offering a variety of products, it’s best to thoroughly research about the insurance company, its claim settlement ratio, etc. so you can make a wise decision.
- Claim Settlement Ratio – While purchasing a policy may seem very easy, the real issue comes at the time of a claim. It’s best you study a company’s claim settlement process and ratio so when the time comes, you’re aware and don’t face any disappointments. Preferably go with a company that has a high claim settlement ratio and quick process.
- Customer Support – You never know when you need assistance and so, it’s essential that the customer support team is knowledgeable, helpful, and resourceful. They should be able to help you at any time.
- Reviews – One of the best ways to understand about a company is via reviews. Reviews help you understand another customer’s experience and how the team was able to help. It’s good to spend some time reading reviews before you make a final call.
- Quality of Service – It’s essential you check the company’s attitude toward potential customers, like you. When they’re making a sale, are they patient and taking their time to explain all processed slowly and thoroughly? Do you take time to understand your needs or just in a hurry to make a sale? Ask yourself such questions prior to finalizing your decision.
- Numbers – At the end of the day, numbers matter. Ensure you check out the company’s numbers like market growth, share ratio, total assets, etc. in the market. This will give you an idea of the company’s financial stronghold and its ability to fulfill your claims.
Top General Insurance Companies In India
|Company Name||Headquarters||Incurred Claim Ratio (2019-2020)|
|ACKO General Insurance Limited||Bengaluru, Karnataka, India||–||–||95.58||21.08||73.19||60.33|
|Bajaj Allianz General Insurance||Pune, Maharashtra, India||68.01||67.15||65.83||81.96||73.81||70.74|
|Bharti AXA General Insurance Company Ltd||Mumbai, Maharashtra, India||75.21||116.1||81.91||77.5||43.96||78.33|
|Cholamandalam MS General Insurance Company Ltd||Chennai,Tamil Nadu, India||42.28||57.63||82.95||40.67||47.2||74.99|
|Navi General Insurance||Mumbai, Maharashtra, India||-13.39||–||150.69||34.69||81.18||66.52|
|Edelweiss General Insurance||Mumbai, Maharashtra, India||120.61||81.99||116.31||113.05||98.66||114.7|
|Future Generali India Insurance (FGII) Company Limited||Mumbai, Maharashtra, India||53.23||58.63||57.67||62.52||65.42||59.66|
|Go Digit General Insurance||Bengaluru, Karnataka, India||78.11||50.34||74.82||51.83||91.77||75|
|HDFC ERGO General Insurance Company Limited||Mumbai, Maharashtra, India||69.99||81.73||79.21||69.01||85.37||77.2|
|ICICI Lombard General Insurance Company Limited||Mumbai, Maharashtra, India||64.02||65.26||76.53||69.9||49.71||72.86|
|IFFCO Tokio General Insurance Company Limited||Gurugram, Haryana, India||45.67||63.93||87.77||95.66||87.15||88.61|
|Kotak Mahindra General Insurance||Mumbai, Maharashtra, India||80.99||–||75.66||49.22||43.82||68.8|
|Liberty General Insurance Limited||Mumbai, Maharashtra, India||2.05||59.37||70.95||87.78||36.36||72.42|
|Magma HDI General Insurance Company Limited||Kolkata, West Bengal, India||70.86||174.31||85.13||72.87||57.94||84.35|
|National Insurance Company Limited||Kolkata, West Bengal, India||77.11||50.43||116.44||103.3||95.81||105.86|
|Raheja QBE General Insurance Company Ltd||Mumbai, Maharashtra, India||37||-20.2||103.9||85.07||20.1||75.19|
|Reliance General Insurance Company Limited||Mumbai, Maharashtra, India||37.35||109.41||84.63||89.36||80.33||83.65|
|Royal Sundaram General Insurance Co. Ltd.||Chennai,Tamil Nadu, India||52.46||58.97||92.23||63.55||69.01||85.03|
|SBI General Insurance Company Limited||Mumbai, Maharashtra, India||55.36||72.18||92.05||50.54||88.77||71.12|
|Shriram General Insurance||Chennai,Tamil Nadu, India||4.56||-21.37||65.43||96.64||65.21||65.04|
|Tata AIG General Insurance Company Limited||Mumbai, Maharashtra, India||61.52||73.92||80.29||66.61||85.8||77.44|
|The New India Assurance Co. Ltd.||Mumbai, Maharashtra, India||76.13||68.04||85.35||100.83||103.25||91.43|
|The Oriental Insurance Company||New Delhi, India||79.55||96.94||101.63||104.97||108.39||103.34|
|United India Insurance Company||Chennai,Tamil Nadu, India||130.09||68.29||96.45||104.24||101.86||101.46|
|Universal Sompo General Insurance Co. Ltd||Mumbai, Maharashtra, India||42.33||56.08||89.54||76.68||39.56||73.41|
1. Acko General Insurance
Acko is an IRDAI licensed private sector general insurance company, founded in November 2016. The Company provides insurance plans for private and commercial four-wheelers, and health insurance among other plans. Acko’s Ola Trip Insurance plan, insuring cab passengers, earned it the Golden Peacock Innovative Product. The company aims at making insurance effortless by conducting transactions online and doing away with much of the unnecessary paperwork associated. It strives to make insurance customer-friendly with offers such as tailored price, on the spot policy purchase, and seamless claim settlements.
2. Bajaj Allianz General Insurance
Bajaj Allianz was established in 2001 as a joint venture of Bajaj Finserv Limited and Allianz SE, It is a private general insurance company and has its headquarters in Pune. As a dependable, client focused company, it understands the insurance needs of the customers and delivers reasonably priced products. The company has adopted the tag ‘Caringly Yours’ to impress the Indian consumers as a brand that guards as well as is concerned about its customer’s most valued assets – health, home, vehicle, commerce, etc. The organization caters to persons of all segments of society across the country.
3. Bharti AXA General Insurance Company Ltd
Bharti AXA is a joint enterprise between Bharti Enterprises and AXA Business Group. It has its headquarters in Mumbai. The association offers a cluster of insurance products to individuals as well as trade and business-related clients.
The company has a presence across the country through 135 branches and provides insurance schemes for motor, health, and serious ill-health, possessions, crop insurance, and travel within India or abroad for students, individuals, and family units.
4. Cholamandalam MS General Insurance Company Ltd
Cholamandalam MS was founded in 2001. It is a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group. The company has branches pan India and follows a T3 philosophy (Trust, Transparency, and Technology). Its products include motor, travel, disaster, possessions, maritime, manufacturing units, legal responsibility in accidents, agriculture, etc. for individuals and companies.
5. Navi General Insurance
Navi is a subsidiary of Navi Technologies. The company started its business operations in 2017 and has used technology for crafting a variety of products namely health, motor, assets, business, and gadget insurance to meet the needs of its customers. Navi General Insurance builds trust and provides customers with guarantees that take into account their interests. Its product processes are fully transparent providing customers with a sense of self-dependence and financial independence. Its aim is to make the insurance process simpler so that every individual can enjoy the financial security which is provided by insurance plans.
6. Edelweiss General Insurance
Edelweiss is part of the multinational company Edelweiss Group and was established in March 2016. They offer insurance in the fields of motor, home, loan protection segments, fire, marine, engineering Insurance, etc. The company aims to make insurance transactions hassle-free, appealing and simple right from application to the claims process. This ensures that the customers are always well-informed and protected.
7. Future Generali India Insurance (FGII) Company Limited
Future Generali India Insurance Co. Ltd. was formed when three forces with expertise and market dominance in different sectors came together. These were:
- Future Group – A leading retailer in India
- Generali Group – One of the smartest global insurance companies in the world
- Industrial Investment Trust Limited (IITL) – A leading investment company
The company products include general, vehicle, home, fire, marine, etc. With over 136 branch offices across the country, the company offers simplified insurance solutions to enrich and enhance the lives of individuals and businesses in India.
8. Go Digit General Insurance
Go Digit is an online insurance company that provides a variety of insurance products, covering motor vehicles, bicycles, travel, home, mobile devices, etc. They aim to make insurance simple for all. The company is based in Pune and Bengaluru. It pursues a unique multi-channel insurance plan distribution strategy and a digital platform for claims and customer service.
9. HDFC ERGO General Insurance Company Limited
HDFC Ergo, founded in 2002, is a joint venture between HDFC and ERGO International. The company offers products in the trade, big business and village sectors. HDFC ERGO General Insurance Company Limited offers motor vehicle, travel, accident, house, maritime, assets, agriculture, livestock, and business insurance, and provides risk management services to its clientele in India. Backed by a sturdy customer care team and simple claims operation, it ensures topmost customer satisfaction.
10. ICICI Lombard General Insurance Company Limited
One of the biggest and most recognized insurance providers in India, ICICI Lombard General Insurance Co. Ltd. is a general insurance company that was founded in 2001 in Mumbai, India.
The firm’s key product and service offerings include general insurance, reinsurance, insurance claims management, and investment management.
11. IFFCO Tokio General Insurance Company Limited
IFFCO Tokio was established in 2000 as a joint undertaking between the Indian Farmers Fertiliser Cooperative Limited (IFFCO), and Tokio Marine Group of Japan. The company offers a wide-ranging product plan including motor vehicles, travel insurance, home insurance, property insurance, liability insurance, etc. Other than these products, it also offers specific products such as cyber insurance, fine arts insurance, etc. IFFCO-Tokio also provides village-based proposals like Janata Bima Yojana for the general public of rural strata. The organization is also the first private insurance company to set up Bima Kendras, to reach deep into the rural areas.
12. Kotak Mahindra General Insurance
Kotak Mahindra was established to provide non-life insurance services. It received its license in April 2015, and since then it has spread across India providing valuable and novel customer service.
The company aims to cater to a wide range of customers across urban and rural segments with an assortment of products like motor, health, home, commercial insurance, and more.
The company uses state-of-the-art technology and digital infrastructure to ensure they serve their customers better.
13. Liberty General Insurance Limited
Liberty General was established in 2013 and is a private insurance company headquartered in Mumbai. It is a joint venture between Liberty Mutual (US), Enam Securities and DP Jindal Group (Indian).
Liberty India General Insurance aims at providing comprehensive trade, business, and manufacturing insurance plans among others. The company also offers health and personal accident insurance, vehicle insurance, employee compensation insurance, business insurance, fire and engineering insurance, marine insurance, and other sundry insurance products in India. With a widespread network of 60 offices across the country, you know you will find them easy to reach and approach.
14. Magma HDI General Insurance Company Limited
Magma HDI is a joint venture trading company of Magma Fincorp and HDI Global SE in Germany. The headquarters are located in Mumbai. Its aim is to identify the requirements of its clientele and use a modern approach to serve them in a competent manner. Magma HDI offers a range of general insurance products through 304 offices spread across India. The company’s principle is to maintain transparency in all dealings.
National Insurance is an Indian nationalized general insurance company headquartered in Kolkata and owned by the Ministry of Finance of the Government of India. The Company has around 1730 offices spread all over the nation. It aims at upholding ethical standards and excelling in performance.
National Insurance Company Ltd offers a wide range of insurance services to its customers under the subheads of health, personal accident, householders, shopkeepers, motor vehicle, rural insurance covering livestock, agricultural, industry, and commercial, etc. National Insurance is the first company to introduce a mobile office in India. The company has also been awarded several national and international awards. CSR (Corporate Social Responsibility) activities of the company include education, health, and welfare of underprivileged and differently-abled persons.
16. Raheja QBE General Insurance Company Ltd
Raheja QBE was created by QBE Holding and Prism Cement Limited of Raheja Group. It is headquartered in Mumbai. The company focuses on problem-solving and strategic thinking. The company offers a variety of insurance products in diverse sectors such as vehicle insurance, cattle insurance, marine insurance, personal insurance, etc. The company’s talented team of experts and managers work hard to satisfy every customer’s needs.
17. Reliance General Insurance Company Limited
Started in the year 2000 by the Indian conglomerate, Reliance Anil Dhirubhai Ambani Group, Reliance General Insurance Mission offers unmatched customer service and provides reasonable insurance which is available to everyone. The wide range of insurance products available with Reliance General Insurance Company are motor, health, home, travel, marine, etc. Reliance is committed to meeting the unique needs of each customer by providing customized plans.
18. Royal Sundaram General Insurance Co. Ltd
Royal Sundaram is a subsidiary of Sundaram Finance Group which was founded in 2001 with headquarters in Chennai. It is the first private insurance company in India to be approved by the Insurance Regulatory Authority of India in October 2000.
Royal Sundaram provides novel general insurance schemes to individuals, families, and businesses. The company provides auto, health, accident, household goods, and travel insurance to private customers. Furthermore, the organization also provides insurance products for commercial customers, focusing on fire, transportation, technical risks, liability, and business interruption. Royal Sundaram also provides products designed specifically for small and medium enterprises and rural customers.
19. SBI General Insurance Company Limited
SBI with its headquarters in Mumbai started functioning in the year 2010. It is a joint venture general insurance company in which SBI owns 70 percent of the total capital..
The company offers a wide range of general insurance products namely health, home, travel, motor, and personal accident, health insurance is the most sought after. The company aims at becoming India’s most trusted general insurer and strives to provide simple and innovative general insurance solutions, be responsive to customers’ requirements, and build a sustainable business for the future.
20. Shriram General Insurance
Shriram General is located in Jaipur and aims to meet the needs of most ordinary people. The group’s vision is service to the underprivileged and offers coverage for a wide range of assorted risks beginning from travel to vehicles to shops to assets to weddings, etc. The company is prepared to serve the increasing demand with a large choice of insurance plans that cover almost every aspect of life. By paying special attention to innovative products and applying the latest developments in information technology to their activities, the organization stands out. The SGI team includes young and energetic executives to handle insurance and claim matters.
21. Tata AIG General Insurance Company Limited
Tata AIA was established in 2001 and is an Indian insurance company that is a joint venture between the Tata Group and American International Group (AIG). Its headquarters are in Mumbai.
The comprehensive range of general insurance products includes legal responsibilities, marine cargo, personal accident, travel, rural-agriculture Insurance. With 200 offices across India, the company has a workforce of over 6,000 employees, including experts who are adept at dealing with claims, customer service, and other procedures.
22. The New India Assurance Co. Ltd.
New India Assurance based in Mumbai is a nationalized general insurance company owned by the Ministry of Finance, Government of India. It was founded in 1919 (nationalized in 1973) by Sir Dorabji Tata and has its head office in Mumbai.
The company offers a wide range of insurance services to its customers under the titles of health, personal accident, householders, shopkeepers, motor vehicle, rural insurance covering livestock, agricultural, industry, and commercial, etc. It is the largest nationalized general insurance company in India on the basis of gross premium.
Oriental Insurance Company was established in 1947 as a comprehensive insurance company owned by the Indian Government. The headquarters of the company is in New Delhi. It has 31 regional offices across the country. The company has offices in Nepal, Kuwait, and Dubai as well. One of the advantages of the organization is its high-quality, insistent, interdisciplinary, and experienced workforce. OIC specializes in developing special safeguards for big ventures like power plants, petrochemical, steel, and chemical plants. They also offer various types of insurance plans to meet the needs of the population of Indian cities and rural areas. They have a satisfied customer base owing to the team of qualified and competent professionals who can provide the best customer service.
24. United India Insurance Company
United India is a leading Indian nationalized general insurance company. It belongs to the Ministry of Finance of the Government of India. Its head office is located in Chennai. It was founded in 1938 and nationalized in 1972.
The Company has a variety of insurance products to provide insurance cover such as General insurance, vehicle insurance, marine insurance, property insurance, crop insurance, aviation insurance, etc.
25. Universal Sompo General Insurance Co. Ltd
Universal Sompo is a joint venture of Bank of India, Overseas Bank of India, Karnataka Bank Ltd and Dabur Investment Corporation, and Japan’s leading insurance company Sompo Japan Insurance Inc. Founded in 2007, it is headquartered in Mumbai.
The organization offers a wide range of products catering to retail, rural, small and medium enterprises, and corporate customers. It serves customers through a vast and compliant distribution network of banks, agents, brokers, auto dealers, POSP agents, and Common Service Centers, etc. With the use of technology, they are able to provide customers with a hassle-free experience.