General Insurance Companies in India
Ensuring the safety of your valued assets is your utmost concern. An asset can be your newly bought car, bike, home, valuable metals like gold, silver, money etc. These items can be safeguarded in some war or other. Here general insurance comes into the picture!
General Insurance or non-life-insurance provides insurance of property against fire, burglary, etc. personal insurance such as Accident and Health Insurance, and liability insurance, which covers legal liabilities. Errors and Omissions insurance for professionals, credit insurance, etc. are also covered under the general insurance policy. There are top insurance companies in India that offer comprehensive insurance policies to the individual.
Types of General Insurance Policies:
There are different types of General Insurance Policies offered by various insurance companies in India. They are discussed in detail below:
Motor insurance policy provides a complete and cost-effective insurance plans for two-wheeler and car including commercial and private vehicles, with the optimum coverage.
Health insurance policy is an insurance scheme that provides its customer with financial cover against the medical cost for any individual or family.
Travel insurance policy is designed for the people to provide financial support in case of any mishap such as the loss of luggage, passport or any other belongings while travelling.
Home insurance policy is a type of insurance policy that offers cover for home and its contents to stay safe and secure from the perils of damages and losses that might arise due to any unforeseen event.
List of General Insurance Companies in India
Hordes of insurance companies in India offer general insurance to cater to the needs of different individuals. Here’s the list of the best insurance companies in India:
Apollo Munich Insurance (Claim Ratio - 62.47%)
When it comes to offering quality healthcare, Apollo has become synonymous in India by setting a status quote in the national and international level. In order to ensure world-class health care easily accessible to everyone, Apollo Hospital Group joined hands with Munich Health- a world-class leader in health insurance, this joint venture is known as Apollo Munich. Since its inception, the insurer never fails to satisfy its customers. One of the leading general insurance companies in India, Apollo Munich comes with a handsome claim settlement ratio and claims settled within 30 days of duration. Various insurance products offered by the insurer include health, motor, travel, personal accident etc.
New India Assurance (Claim Ratio - 85.66%)
One of the best insurance companies in India, New India Assurance was founded by Sir Dorabji Tata in 1919. It is a multinational general insurance company of India, which serves in 28 countries and headquartered in Mumbai. The global business of the company is more than Rs. 22,270 Crore. In India, it has 2452 offices, including more than 1339 micro offices. With over 230 products, the insurer believes in providing comprehensive insurance solutions to its customers. The services ranging from insurance in motor, health, travel, rural and marine, the company has been leading the market as one of the best insurance companies in India.
National Insurance Company (Claim Ratio - 114.24%)
One of the best insurance companies in India, National Insurance Company started its operations in the year 1906. Headquartered in Kolkata, the insurer offers insurance solutions into various categories including motor, health, home, travel, business etc. Car insurance offered by the insurer is quite famous in the market. It has been rewarded as the Best Auto Insurer in 2017 for car insurance.
The Oriental Insurance (Claim Ratio - 85.39% )
Headquartered in New Delhi, Oriental Insurance has been serving this sector since 1947 and has made mark in the top insurance companies in India. With 31 regional offices and more than 1800 operational branches across India, the company offers complete insurance solutions to its customers. Oriental Insurance is not only in India flourishing in India, but also has expanded its services Nepal, Kuwait, and Dubai. Various insurance products offered by the insurer include: motor insurance, mediclaim insurance, personal accident insurance, travel insurance, overseas mediclaim insurance, fire insurance, shopkeeper’s policy, householder policy etc.
United India Insurance (Claim Ratio - 94.38%)
Started its operations in the year 1938, United India Insurance Company is one of the best insurance companies in India. The insurer has its head office in Chennai. Since its inception, the company has emerged leaps and bound to be one of the renowned insurers. Today, it has 18300 workforces spread through 1340 branches across India offering insurance solutions to around 1 Crore policyholders. Ranked amongst the top insurance companies in India, this insurer has a variety of insurance products including motor, health, personal accident, travel, shopkeeper’s insurance etc. Among its other product category, there are fire insurance, marine insurance, liability insurance, industrial insurance, credit, micro insurance etc.
Bajaj Allianz General Insurance (Claim Ratio - 66.72%)
Bajaj Finserv Limited and Allianz SE joined hands in the year 2001 and formed Bajaj Allianz General Insurance Company. The services offered by the company are IRDA certified and cater to the various insurance needs of the people. This makes it one of the best insurance companies in India. The insurer offers insurance solutions in the both life and non-life category. The most famous products include health, travel, motor, home, life insurance etc.
Tata AIG Insurance (Claim Ratio - 71.12% )
Headquartered in Mumbai, TATA AIG General Insurance was founded in the year 2001 and is now counted in the best insurance companies in India. The company is a result of the collaboration with American International Group and is considered among the best insurance companies. The insurer introduced a range of innovative products to cater to the different needs of its customers. Tata AIG is famous for motor insurance, health insurance, and travel insurance. It also offers insurance to Private Client Group, which includes clients like artists, entrepreneurs and royal families.
HDFC General Insurance (Claim Ratio - 74.36%)
A joint venture between HDFC Ltd., Housing Finance Institution in India and ERGO International AG, the primary insurance entity of Munich Re Group, HDFC General is one of the most popular and best insurance companies in India. The insurer offers complete insurance solutions by categorising its products into motor, health, travel, home in the personal insurance space while property, marine, liability insurance into corporate insurance space. In the year the company merged into L&T General Insurance. With 120+ branches and more than 3000 employees, the insurer has its presence in more than 106 cities across India.
Reliance General Insurance (Claim Ratio - 84.71%)
With its 139 branches and more than 28,900 intermediaries all over the country, Reliance General Insurance is one of the renowned names in the list of best insurance companies in India. The insurance products offered by the insurer can be categorised into health travel, motor, home marine, etc. The insurer doesn’t limit itself to insurance and claims but also encourages the people to follow a healthy standard of living. The company believes in making affordable insurance accessible to all.
IFFCO Tokio General Insurance Company Ltd (Claim Ratio - 82.89%)
Laid its foundation stone in the year 2000, IFFCO Tokio is collaboration between Tokio Marine, Farmer Fertilizers Co-operative and Nichido Fire Group, a famous fire insurance group in Japan. Since its inception, the insurer has been serving with various non-life insurance products including health, motor, home, travel, SME etc. and is now counted amongst the best insurance companies in India.
Future Generali General Insurance Company Ltd (Claim Ratio - 75.72%)
Future Generali India is a joint venture between Generali Group and Future Group. The company provides comprehensive insurance solutions through a range of personal, retail, commercial and rural insurance products. Incorporated in 2007, the company was formed with the motive to help its clients to mitigate their financial needs. Over 15 lakh customers, the insurer claims to have settled around 2,10,000 claims every year. Marking its presence in more than 125 cities in India the various insurance products of the insurer, it offers motor, health, travel, home, PMFBY, lifestyle, commercial, rural etc.
Liberty General Insurance (Claim Ratio - 69.60%)
Liberty General Insurance has started its operations in the year 2013. It is a joint venture between Liberty Citystate Holdings PTE Ltd, Liberty Industries Limited and Liberty Mutual Insurance Group. The insurer, being one of the best insurance companies in India strives for providing retail, commercial and industrial insurance solutions. Insurance products like car insurance, two-wheeler insurance, commercial insurance, and health insurance are among the sought-after products in the market.
Max Bupa Health Insurance Company (Claim Ratio - 50.19%)
Max India Limited and the UK based healthcare services expert, Bupa joined hands to form Max Bupa Health Insurance Company. With 29 million customer-bases in over 190 countries, the insurer’s vision is to become the most admired health insurance company in India. The company specialises in both health and insurance related services including hospitals, clinical research and life insurance and ranks in the list of the best insurance companies in India.
Cholamandalam MS General Insurance (Claim Ratio - 50.19%)
Formed as collaboration between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan, Cholamandalam MS General Insurance offers a range of insurance products to cater to the different needs of the individual. The insurance products offered by the company can be categorised into health insurance, motor insurance, personal accident insurance, travel insurance, marine insurance, liability insurance etc. With 87 branches and over 34,000 agents across India, the company claimed to achieve GWP of Rs. 41,026 million last year.
Formerly known as CignaTTK Health Insurance Company, ManipalCigna Health Insurance Company Limited is collaboration between Manipal Group, a leader in healthcare delivery and Cigna Corporation, a global health services company. With the motive of spreading wellness and good healthcare, ManipalCigna offers a handful of insurance products ranging from health, travel, personal accident, SME, insurance for employer-employee, and non-employer-employee. The insurer offers quality healthcare and safeguards long term financial goals of its users and hence is one of the leading and best insurance companies in India.
Star Health and Allied Insurance (Claim Ratio - 61.76%)
Commenced its operations in the year 2006, Star Health and Allied Insurance company has spread its services in health insurance, overseas medical insurance, and personal accident Insurance. The insurer is famous for its service excellence. The insurer offers a wide range of insurance products, whole-heartedly dedicated to health insurance. With a decent claim settlement ratio it ranks amongst the best insurance companies in India.
Go Digit General Insurance (Claim Ratio - 93.95%)
India’s first digital insurer backed by Fairfax, Digit General Insurance is also known as Go Digit. The insurer offers a range of non-life insurance products in the category car, two-wheelers, travel, health, home and mobile insurance. The insurer has tie-ups with market leaders such as Policybazaar.com, PayTM, Tanishq, and Cleartrip to ensure a wider audience.
Raheja QBE General Insurance Company Ltd (Claim Ratio - 76.46%)
Raheja QBE is the joint venture of Prism Cement Limited, India and QBE Holdings (AAP) Pty Limited, a wholly owned subsidiary of QBE Insurance Group Limited. Headquartered in Mumbai, the insurer received its Certificate of Registration from IRDA in 2008 and is now considered as one of the best insurance companies in India. Since then, it has been serving the industry with an A+ rating for excellence. The various insurance products offered by the insurer include Health insurance, corporate insurance, health insurance, motor insurance etc.
Religare Health Insurance (Claim Ratio - 51.97%)
Awarded as the ‘Best Health Insurance Company’ at the ABP News-BFSI Awards & ‘Claims Service Leader of the Year, Religare Health Insurance currently offers insurance products in the retail segment for health insurance, personal accident, critical Illness, top-up coverage, international travel insurance and maternity insurance along with group health insurance and group personal accident insurance for corporate houses.
Royal Sundaram General Insurance Co. Limited (Claim Ratio - 80.41%)
Royal Sundaram General Insurance, formerly known as Royal Sundaram Alliance Insurance, is the first of its kind to be licensed in October 2000 under IRDA. It holds a rank in the list of best insurance companies in India. The insurer was initially a joint venture of Sundaram Finance, a famous non-banking institute and other Indian Shareholders. Ageas Insurance International N.V. acquired 40% of the equity stake and left 10% for Indian Shareholders. The insurer offers a range of insurance products with over 200 employees and 143 branches across the country. The most sought-after products include-car, health home, travel, bike, personal accident, commercial vehicle, business etc.
SBI General Insurance Company Ltd (Claim Ratio - 71.47%)
Founded in the year 2010, SBI General Insurance is a joint venture between two financial giants - State Bank of India (SBI) and Insurance Australia Group (IAG). The insurer offers a range of insurance products in commercial and retail space at affordable premiums and ranks amongst the best insurance companies in India. The comprehensive range of products includes- health, motor, personal accident, travel, home insurance etc.
Shriram General Insurance Company Ltd (Claim Ratio - 93.75%)
The insurance company is the result of the collaboration between Joint Venture between Shriram Capital Ltd. and Sanlam Limited (South Africa). The insurer started its operations in 2012. The company believes in providing comprehensive insurance solutions through its innovative products in the category car, two-wheelers, travel, home, personal accident, commercial vehicle insurance, business insurance etc.
Bharti AXA General Insurance Company (Claim Ratio - 82.97%)
Bharti AXA General Insurance Company Ltd. is a collaboration of AXA – world pioneer in financial protection and Bharti Enterprise – a leading Indian business group. Established in 2008, the general insurance company is licensed with Insurance Regulatory and Development Authority of India (IRDA). The insurance provider offers a wide range of general insurance products including Health, Motor, Home, Travel, etc.
Universal Sompo General Insurance Company (Claim Ratio - 56.30%)
Universal Sompo General Insurance Company Ltd. is a private-public joint venture between three public-sector banks namely, Indian Overseas Bank (IOB), Allahabad Bank, and Karnataka Bank; Dabur India Ltd. – one of the leading FMGC Companies of India, and Sompo Japan Nipponkoa – a private Japanese insurance company based out in Tokyo. Sompo is Fortune 500 Company that has a capital of 70 Billion Yen. Universal Sompo got 5th position in the list of top 15 for providing general insurance products as per a survey conducted by ICMR-BFM.
- Aditya Birla General Insurance
- Apollo Munich General Insurance
- Bajaj Allianz General Insurance
- Bharti AXA General Insurance
- Cholamandalam MS General Insurance
- DHFL General Insurance
- Digit General Insurance
- Edelweiss General Insurance
- Future Generali General Insurance
- Future Generali Life Insurance
- HDFC ERGO General Insurance
- IFFCO Tokio General Insurance
- Kotak Mahindra General Insurance
- Liberty General Insurance
- ManipalCigna General Insurance
- Max Bupa General Insurance
- National General Insurance
- New India Assurance General Insurance
- Oriental General Insurance
- Raheja QBE General Insurance
- Reliance General Insurance
- Royal Sundaram General Insurance
- SBI General Insurance
- Shriram General Insurance
- Star Health and Allied General Insurance
- Tata AIG General Insurance
- United India General Insurance
- Universal Sompo General Insurance
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