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Top 10 General Insurance Companies with Best Claim Settlement Rate

An individual goes to work his whole life to earn money to live a comfortable life, fulfil his family’s needs and secure his and his family’s future. He also envisions his family’s life after him and therefore purchases a life insurance policy that offers a good sum assured. This is to ensure that everything is fine with his family when he is not around.

Unfortunately, if something untoward happens to the policyholder, the family approaches the insurance company just to find out that the company’s claim settlement process is not very customer-friendly? Getting your claim amount in parts or not at all does not serve the sole purpose of buying insurance. If one cannot get the assured benefits from the insurance company, then it is better one does not own one in the first place. The same is true for all types of insurance like health, travel, property, automobile, etc. Hence, selecting the best general insurance company that fulfils all your needs and is good in claim settlement is of supreme importance.

What do you Mean by Claim Settlement?

Claim Settlement Ratio (CSR) is the gauge that clarifies how many claims are settled by the Insurance Company in a given financial year. It is figured out as the total number of claims received against the total number of claims settled. For example, if a company has settled 98 claims out of the 100 claims that it received, then the claim settlement ratio of that company is 98%. We can say that the remaining 2% are rejected by that company.

On the basis of the claim settlement ratio, one can come to a conclusion as to how customer-friendly and quick the insurance company in settling the claims.

We, human beings, value our own things like our home, vehicle, money, gold and things that are not related to death. These valuable things need to be protected from any kind of damage or harm and that is why Non-life Insurance or General Insurance is needed. These insurance policies protect our valuables and in turn protect us.

The valuable things like home, vehicle, gold, etc. have a lot of financial risks attached to them. Therefore, we need to give them financial protection from natural calamities, such as storm, earthquakes, flood and unforeseen situations, such as fire, car accidents, theft, etc. This is when General Insurance comes into the picture.

General insurance not only provides financial protection to our valuables from the above mentioned calamities and events, they also cover legal expenses incurred in the process. Such insurance policies generally have tenure of one year.

Top 10 General Insurance Companies with Best Claim Settlement Rate

There is a wide range of General Insurance companies in India. On the basis of your requirement, you can select the best general insurance company to buy insurance from. Some of the best insurance companies, based on their claim settlement ratios, total business, customer satisfaction and reputation in the market, are listed below to help you and your dear ones from buying insurance from a company that is trustworthy and customer-friendly.

1. The Oriental Insurance Company Ltd.

Being a Government-owned general insurance company, the Oriental Insurance Company is dependable and has won many awards in the industry. As it is connected to the government, it provides the feeling of peace. It has over 1800 offices nationwide from where it lives up to the expectations and beliefs of its clientele. It is recognized for its immediate and nuisance-free claim settlement and some practical add-ons.

2. HDFC ERGO General Insurance Co. Ltd.

HDFC ERGO General Insurance Company is a joint enterprise of most popular financial institutions, HDFC and the insurance side of Munich Re Group ERGO International AG. HDFC ERGO provides a wide range of insurance solutions, such as motor insurance, health insurance, travel insurance and many more. Being one of the best in private sector of insurance providers, it is awarded with an ISO certification and even conferred upon the reputed iAAA rating by ICRA (IICRA- Investment Information and Credit Rating Agency) and is well-known for its great claim settlement ratio (97.62%). It has a satisfied and loyal customer base.

3Bharti AXA General Insurance Co. Ltd.

Formed in the year 2008, Bharti AXA General Insurance Company Ltd. is a joint venture between the leading business groups, The Bharti Enterprises and AXA business group. They have expanded their spread in Life Insurance as well as in General Insurance products, in a very short time span. Bharti AXA has a wide network and trained insurance distributors who can provide perfect financial service to different customers. They have a huge number of satisfied customers. They assure a hassle-free claim settlement procedure with a claim settlement ratio of 92.37%.

4. Bajaj Allianz General Insurance

Bajaj Allianz General Insurance Company Limited is joint association between the world’s well-known and leading insurance company Allianz SE and Bajaj Finserv Limited. They started in the year 2001 and have a varied customer base of individuals and corporates and a wide range of interesting products. For 10 consecutive years, it has received ICRA’s iAAA rating. They offer a trouble-free and easy claim settlement service with claim settlement ratio of 91.67%.

5. Tata AIG General Insurance Co. Ltd.

Established in 2001, Tata AIG General Insurance Company Limited is a joint venture between the biggest group of Industries of India, Tata Group and an international insurance company, the American International Group (AIG). To fulfil the customer’s needs, Tata AIG provides various insurance products. In 2013, Claims Awards Asia awarded Tata AIG with the “General Insurer Claims Team of the Year”. With their claim settlement ratio of 96.01%, they assure easy claim settlement to their customers.

6. Reliance General Insurance Co. Ltd.

Part of Reliance Capital, Reliance General Insurance Company Limited provides all kinds of insurance with a vast variety. Customers are facilitated with tailor-made plans as per their needs. With 94.53% of claim settlement ratio, Reliance General Insurance strives to provide hassle-free claim settlement experience and satisfaction to their valued customers.

7. Future Generali India Insurance Co. Ltd.

Future Generali General Insurance Company, a partnership venture between the Future Group and the Generali Group, provides a variety of financial protection solutions for the customers through their vast range of insurance products. The company presents you with a feeling of being free from threat or danger and enables you to lead a tension-free life. The insurance plans that they offer are designed to suit your requirements.

8. National Insurance Company Limited

One of the oldest providers of general insurance, National Insurance Company Limited, is well-known to have achieved remarkable developments by launching some great insurance products not only for the corporate but also for the rural customers. Consolidated in 1906, this company provides a large variety of insurance-related services.

9. The New India Assurance Co. Ltd.

Founded by Sir Dorabji Tata, in 1919, the New India Assurance Insurance Company Limited is a multinational general insurance company owned by the Government of India, with its headquarter in Mumbai and operations going on in 28 countries. CRISIL has bestowed the New India Assurance with an AAA/Stable rating, which reflects company’s financial strength and solubility. This is a strong factor that proves that the company has the ability to manage their customers’ claims. In India, New India Assurance is the only insurer rated an ‘A’ which stands for Excellence by AM Best.

10. Shriram General Insurance Co. Ltd.

Shriram General Insurance Company Limited, a joint venture between Shriram Capital Limited and Sanlam Limited, was awarded with “Excellence in Growth Award” for two consecutive years 2011 and 2012. The prime intention of this company is to serve “Aam Admi” that is common man with its wide range of insurance products.

There is a variety of General Insurance Companies in India, which provide different general insurance products to their customers to fulfil their needs. But, how should one choose as to which company is the Best General Insurance Company:

  • First of all, you should choose a general insurance company that has the potential and trustworthiness to fulfil their assurances and promises.
  • The general insurance company should have a good financial stability and solubility.
  • The premiums laid by these companies should be affordable.
  • One should consider the claim settlement process and the time taken by the company to settle a claim, before deciding upon the company.
  • The company should provide a magnificent customer service and exceptional claim settlement ratio.
  • The company should offer you with policies that meet your requirements.

After considering the above pointers and comparing the various offers provided by different companies, you will be confident enough to settle upon the best general insurance company that suits your requirements at its best.