No matter whether you are rich or poor, everybody wants to protect their valuable assets like property, vehicles, health, and whatnot. When it comes to protecting these assets, people often buy specific insurance products which not only provide protection but also give you peace of mind in case of emergency. Remember that these insurance products or plans offer protection against unexpected events like damage or loss of assets. Just like life insurance, General Insurance requires payment of premiums.
To put it simply, general insurance refers to insurance policies that are not classified as life insurance and are designed to protect your assets. Apart from covering assets, these kinds of policies also cover monetary losses caused by specific risks. In this post, we’ll explore the top 10 general insurance companies in India so you can choose them accordingly.
10 Best General Insurance Companies in India
1. Bajaj Allianz General Insurance Company
Bajaj Allianz General Insurance is a leading insurance company in India that seamlessly caters to a wide range of customers which may range from individuals from different locations to large corporates. The company is dedicated to enhancing insurance accessibility through cutting-edge digital and mobile applications. Furthermore, it has notably extended its reach as it now covers over 1000 new Tier 2 and Tier 3 towns across India across its digital platforms.
With a strong emphasis on customer satisfaction, Bajaj Allianz General Insurance delivers exceptional value and a thoughtful experience. For FY 23-24, the company reported remarkable financial performance with a revenue of Rs. 20, 630 cr. and a net profit of Rs. 1,550 cr. Additionally, Bajaj Allianz General Insurance recorded a robust combined ratio of 99.9% and an impressive solvency ratio of 349%, which highlights its financial stability and operational effectiveness.
2. HDFC ERGO General Insurance Company
HDFC Ergo General Insurance Company Limited was established through a collaboration between HDFC (India’s leading housing finance institution) and ERGO (International AG, the primary insurance arm of Munich Re Group). HDFC ERGO provides a comprehensive range of general insurance products, including health, motor, travel, home, and personal accident insurance. For corporate clients, it provides property, marine, and liability insurance. Furthermore, the company also supports its extensive product offerings with a broad network of over 200 branches in more than 170 cities across India. Also, they have a 24/7 customer support team which is always ready to assist you in your insurance-related queries.
3. ICICI Lombard General Insurance Company
ICICI Lombard is a famous leader in India’s private general insurance sector. It offers a wide range of insurance products that cater to diverse customers’ needs. Whether you need coverage for your vehicle, health, crops, home, personal accidents, engineering projects, marine activities, or more, ICICI Lombard has you covered.
With a rich legacy of over 20 years, ICICI Lombard remains deeply committed to its customers and always follows its brand philosophy, “Nibhaaye Vaade”, which means fulfilling promises. Furthermore, the company has issued an impressive 36.2 million policies and successfully processed over 2.9 million claims. The company’s extensive network includes 312 branches across the country and a dedicated workforce of 13,670 employees as of March 31, 2024.
4. Reliance General Insurance Company
Reliance General Insurance is one of the top 10 general insurance companies in India that has 127 offices and more than 90,000 intermediaries spread across India. Due to its work plan, the company has set high standards by enhancing its services with online and telephone support which makes it easier for customers to access their offerings. Furthermore, Reliance General Insurance provides a wide range of insurance products which include home, health, motor, and marine insurance. However, the company’s commitment goes beyond just insurance and claims. Also, the company is known to promote a healthy lifestyle and make insurance affordable and accessible to everyone.
5. SBI General Insurance Company
SBI General Insurance is known as one of the fastest-growing private general insurance companies in India which is supported by the State Bank of India (SBI). Since its establishment in 2009, SBI General Insurance has seen significant growth and has expanded from 17 branches in 2011 to over 143 branches across the country. In the fiscal year 2023-24, the company achieved significant growth with a notable increase of 17% in its Gross Domestic Premium. Furthermore, the company has earned prestigious accolades, including the “Domestic General Insurer of the Year” award at the Insurance Asia Awards 2023 in Singapore. Additionally, it was recognized as one of the Best Brands 2023 at the ET Edge Best Brands event and honoured as one of the Best BFSI Brands at the ET Now Best BFSI Brands Conclave 2024.
6. Tata AIG General Insurance Company
Tata AIG General Insurance Company Limited is a joint venture between the Tata Group and American International Group (AIG). The company began their operations on January 22, 2001. Over the years, Tata AIG has introduced many innovative insurance products and services. Furthermore, the company boasts a strong claims team with over 400 experts working in 90 offices across India. Additionally, its customer support team, which interacts directly with customers, has 450 members spread across different locations in the country.
7. IFFCO Tokio General Insurance Company
IFFCO Tokio General Insurance Company Limited was established in 2000 through a partnership between Indian Farmers Fertiliser Co-operative Limited (IFFCO), the world’s largest fertilizer manufacturer, and Tokio Marine Group, one of Japan’s largest insurance groups. IFFCO owns 51% of the company, while Tokio Marine holds the remaining 49%.
The company offers a wide range of insurance products, including car insurance, two-wheeler insurance, health insurance, travel insurance, and home insurance. It also provides corporate policies such as property and liability insurance. Furthermore, IFFCO-Tokio is the first insurer in India to offer mega policies which are based on international standards and provide extensive coverage at optimized premiums for clients.
8. Chola MS General Insurance Company
Chola MS General Insurance Company Limited is a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited from Japan. The company offers a diverse range of insurance products, including motor, health, property, accident, liability, engineering, travel, and crop insurance for both individuals and businesses. Moreover, it operates through 198 branches and works with over 30,000 intermediaries across India.
Chola MS is guided by its brand philosophy, T3- Trust, Transparency, and Technology. The company has received numerous awards and recognitions from the Government of India, international bodies, and rating agencies for its innovative insurance services and delivery.
9. Future Generali General Insurance
Future Generali India Insurance Company Limited is a joint venture between the Generali Group, a global insurance leader with over 190 years of experience and a 74% majority stake, and the Future Group. Established in 2006, the company aims to provide a range of insurance products, including retail, personal, commercial, and rural, to help both individuals and businesses manage and mitigate risks.
By FY 13-14, Future Generali India Insurance achieved a significant milestone by breaking even with just six years of operations. As of FY 2023, the company manages assets worth Rs. 6,748 cr.
10. Shriram General Insurance
Shriram General Insurance (SGI) Company is one of the top 10 general insurance companies in India which is a result of the joint venture between Shriram Capital Ltd. and Sanlam Limited from South Africa. Established in July 2006, the company focuses on offering a wide range of insurance solutions through innovative products, including car, two-wheeler, home, travel, personal accident, and business insurance. Furthermore, the team at SGI consists of dynamic and experienced senior executives who manage underwriting and claims efficiently. SGI has been recognized with the “Excellence in Growth Award” for two consecutive years (2011 & 2012). With a strong track record and commitment to excellence, SGI aims to be the first choice for general insurance in India.
Final Thoughts
So, there you have it! That’s a wrap to the top 10 general insurance companies in India! It is no secret that insurance provides valuable financial protection against unexpected events and asset loss. Furthermore, it helps cover costs when unforeseen incidents occur, which ensures that you are not financially vulnerable. Before you purchase a policy, it’s important to carefully review the documents to understand what is covered and what is not.
Once you are done, you can apply for insurance (Health, Motor, Car, etc.) from any of the above providers, which will allow you to secure the coverage you need with ease.
