We generally value the things which are around us. These stuff may be your vehicle, your home or maybe valuables like money or gold or other type of plans like professional casualties or money lending which does not involve anything related to death. Such valuables definitely need to be safeguarded in some way or the other. Which is why, General Insurance or Non-life Insurance helps to safeguard ourselves and the things around us that we value a lot.
There is a lot of financial risk involved with the things around you. Giving them a financial protection from fire, storm, flood, earthquake, car accidents, theft and other travel accidents etc. is important. General Insurance provides you financial protection from the impact of these man-made and natural calamities too.
General Insurance also covers one from the expenses spent on the legal actions. In short, you have the option to choose the right type of cover by choosing the right type of insurance policy as per our requirements. The tenure for a general insurance are mostly yearly contracts.
Agriculture Insurance Co. of India was established on 20th December 2002 under the Indian Companies Act, 1956. This company was launched with a motive to meet the needs of the farmers and to work on a maintainable actuarial regime.
Acko General Insurance is a private sector general insurance company of India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017. Acko follows an online-led model and hence all products for the company are offered through the digital platform.
India's Apollo Hospitals are renowned for its superior medical practices and a reputed brand for years now. In August 2007, they joined forces with Munich Health internationally recognized insurance brand leading to some impressive leaps in this sector. Currently, Apollo Munich Health Insurance is considered as one of the most trustworthy and favored health insurance brands in India.
Bajaj Allianz General Insurance Company Limited is a joint venture between the world's foremost insurance company Allianz SE and Bajaj Finserv Limited, with has an authorized and paid up capital of Rs. 110 crore. Bajaj Finserv Limited holds 74% and 26% is held by Allianz, SE. They started their operations in 2001 and now with the range of products catering to individual and corporate. It has received iAAA rating from ICRA for 10th consecutive years.
Chola MS General Insurance Co. Ltd. (IRDA Reg. No 123) headquartered in Chennai, is a leading insurance company in India. Cholamandalam was established about 10 years ago, in 2005, their values truth, transparency, and technology forming the foundation of the multi-faceted company. Chola MS has a number of products such as different kinds of insurance, business protection solutions, etc. Cholamandalam health insurance is very popular amongst their customer base due to their high level of customer satisfaction through optimized operational processes and innovative vision. Cholamandalam Health Insurance has over 90 centers PAN-India and an agent network that is 7000 strong.
ManipalCigna Health Insurance Company Limited is a joint venture. A collaboration between Cigna Corporation, a leading US based health services provider and TTK group of India. Cigna TTK commenced their operations in 2014. Headquartered in Mumbai, ManipalCigna has a pan India presence as a health insurance provider across 15 cities of the country. Soon after their launch in 2014, a first-of-its-kind product - Cigna Global Health Product (CGHP), was launched by ManipalCigna.It has won trusts of many customers due to its tailor-made plans.
DHFL is backed by Wadhawan Global Capital under the leadership of Mr. Kapil Wadhawan. Wadhawan Global Capital (WGC) is a leading financial services group in India. WGC manages US$ 18.6 billion (£ 14.5 billion) of assets through its lending, investment and insurance platforms. WGC is the parent company to some of the most prominent brands in India such as Dewan Housing Finance Corporation Limited (DHFL) which is a market leader with three decades of experience in financing affordable housing, Aadhar Housing Finance, Avanse Financial Services, DHFL Pramerica Life Insurance, DHFL Pramerica Asset Managers and DHFL General Insurance. The company has a London-based wholly owned subsidiary Wadhawan Global Capital (UK) Ltd.
Export Credit Guarantee Corporation of India Ltd was established in 1957 which is a wholly owned Government company. It was formed with an objective of promoting exports from India thereby offering Credit Risk Insurance and other related services for exports. Basically, this company is an export promotion organization. The premium rates here are minimal.
Zuno General Insurance (Edelweiss) is a proud member of the Edelweiss Group, a homegrown multinational corporation, Edelweiss Group has touched the lives of millions of people over the last 20 years. Whether it's your family, your health, your ride, your home or your finances, their business is ensuring the individual is always protected.
Note: Zuno General Insurance formally known as Edelweiss General Insurance.
Future Generali General India Insurance Company which is a collaboration between Future Group and the Generali Group was incorporated in the year 2006. This company offers a varied range of easy solutions for the financial protection of the customers with a huge range of insurance products. It provides you a sense of security and a freedom to lead your life tension-free. Besides, the plans offered are customized as per your requirement.
Go Digit General Insurance Limited is a non-life general insurance company in India. Go Digit General Insurance company offers non-life general insurance solutions through their digital platform. Go Digit General Insurance Limited was incorporated in the year of 2016 and the company is based in Bengaluru, India. Go Digit is backed by Fairfax, a financial holding company based in Toronto, Canada.
HDFC ERGO General Insurance Company (IRDA Reg. No 125) is a joint venture of one of the most respected financial institutions that provides housing finance, HDFC, and the insurance arm of Munich Re Group ERGO International AG. HDFC ERGO has a range of products such as health insurance, motor insurance, travel insurance etc. This general insurance company is one of the leaders in the private sector insurance providers in India. It is ISO certified and was bestowed upon the prestigious iAAA rating by ICRA, which is a reflection of company’s high claim settlement ratio. HDFC ERGO also offers health insurers, and quite a favorite of their loyal customer base.
ICICI Lombard General Insurance Company Limited is one of the leading private sector general insurance companies in India. The company has a Gross Written Premium (GWP) of Rs 147.89 billion (FY 2019). The firm offers policy insurance and renewal through its intermediaries and website. It markets assurance products including Car Insurance, Health Insurance, International Travel Insurance, Overseas Student Travel Insurance, Two Wheeler Insurance, Home Insurance and Weather insurance.
Founded in the year 2000, IFFCO Tokio General Insurance Co. Pvt. Ltd (IRDA Reg No. 106) is one of the most popular insurance companies in India. It is a joint venture between IFFCO and associates and Tokio Marine and Nichido Group of Japan. IFFCO stands for Indian Farmers Fertilizer Co-operative, and is one of the largest co-operative fertilizer manufacturers in the world. IFFCO was established in 1967, and had made its place in the agricultural vertical by consistently optimizing their marketing practices while delivering the best products. Tokio Marine and Nichido Group have been providing insurance in Japan for the past 120 years, making them the oldest insurance providers.
Liberty General Insurance Co. Ltd is a collaboration of Liberty Citystate Holdings PTE Ltd which is a US based Group Company named Liberty Mutual Group, a leading global property and casualty group, Enam Securities, a privately owned and managed firm that makes long-term investments in listed companies, as well as backs entrepreneurs building valuable private companies and DP Jindal Group, an industrial conglomerate. This company started its operations in the year 2013.
Magma HDI General Insurance Co. Ltd is a collaboration of Magma Fincorp Ltd, Kolkata and HDI Global SE Germany. This company’s motive is to be one of the responsible and vibrant general insurance companies. They wish to fulfil the ambitions of all the stakeholders. They want to give excellent services to their customers.
Max Bupa Health Insurance Company Ltd. (IRDA Reg. No 145) regularly known as Max Bupa is a strategic collaboration between Max India Limited and Bupa – a pioneer in healthcare services from UK. Max India Group is considered to be a forerunner in the Indian health and insurance segment. Their repertoire includes life insurance, hospitals, and health related clinical research. On the other hand, Bupa boasts of over 6 decades experience in the healthcare industry and it has over 11.3 million customers spread across 190 countries. Max Bupa health insurance envisions of being India's most preferred health insurance company by being committed to their esteemed customers.
National Insurance Co. Ltd is India's one of the oldest providers of general insurance. It is renowned to achieve significant milestones. It has achieved significance by launching corporate as well as rural products. They have good deals for online insurance products. This company was incorporated in the year 1906. This company offers huge range of products and other insurance related services.
New India Assurance Co Ltd, founded by Sir Dorabji Tata in 1919. And now it is a 100 % Government owned multinational general insurance company operating in 28 countries with headquarter in Mumbai, India. The New India Assurance has been conferred an AAA/Stable rating by CRISIL, which is a reflection of the company’s financial stability and solubility, which in turn talk about the strong ability of the company to fulfill the claims of their customers. Moreover, New India Assurance is the only direct insurer in India rated A - (Excellent - Stable outlook) by AM Best.
The Oriental Insurance Company Limited was formed in the year 1947 as a wholly owned subsidiary of the erstwhile Oriental Government Security Life Assurance Company Ltd. The core intent to form Oriental Insurance was to cater the requirement of General Insurance for all the segments of Indian market. Oriental Insurance made a modest beginning with a first year premium of 99,946 in the year 1950 and since then the Oriental Insurance has pioneered various general insurance products in India and has earned a reputation in the Indian Insurance industry for its smooth & orderly accomplishment of the general Insurance business.
Raheja QBE General Insurance Co. Ltd is one of the famous insurance companies in the world. This company was founded by Rajan Raheja Group, which happens to be one of the dynamic business groups in India. This company is renowned for its unique insurance products. They believe in offering help to their clients during tough times by its insurance related products.
Reliance General Insurance Co.Ltd is a fundamental part of Reliance Capital. Reliance Capital has diversified business in insurance of all kinds, asset management, mutual funds, commercial finance and other financial services. Reliance Life has a huge variety of life insurance plans that offers tailor-made plans as per the customer's requirements.
When a leading financial services company comes along with two reputed public sector banks you get Religare Health Insurance Company Limited. Religare Health Insurance Company Limited is formed as a venture between Religare Enterprises Limited, Corporation Bank and Union Bank of India. Religare Enterprises Limited does not need much introduction.
Religare Health Insurance Co. Ltd. specializes mainly in health insurance products. The company also offers travel insurance. The company is promoted by the founders of very famous healthcare companies – Fortis Healthcare and SRL Diagnostics. While Fortis boasts of having about 54 healthcare facilities in India, Mauritius and Dubai, SRL Diagnostics is considered to be India’s largest diagnostic company. The company in present in Dubai, Nepal and Sri Lanka and has more than 306 networking laboratories.
Royal Sundaram General Insurance Co. Ltd was earlier known as Royal Sundaram Alliance Insurance Company Limited. This company offers comprehensive insurance plans. They also provide innovative insurance solutions to various categories like the families, individuals and businesses. This company offers different general insurance products like car, personal accident, health, home, two wheeler and travel insurance.
SBI General Insurance Co. Ltd is a collaboration of State Bank of India and BNP Paribas Cardif S.A. This company was founded in the year 2001. They offer products as per customers requirements. This company is famous for its versatile products.
Shriram General Insurance Co. Ltd is a collaboration between Shriram Capital Ltd and Sanlam Limited. It was a 74:26 until September 2012. This company was rewarded with “Excellence in Growth Award” in 2011 and 2012. The main motive of this company is to serve a major group of “Aam Admi” with its variety of products.
Star Health & Allied Insurance Company Limited is a standalone health insurance company in India which was formed in 2006. Since inception, the company has been engaged in offering health insurance, travel insurance and personal accident plans. Best Health Insurance Award winner of 2015, Star Health has set the benchmark as a health insurance provider of India. As India's first standalone health insurance company, with thousands of network hospitals, Star Health provides an outstanding claim settlement to their customers.
Formed on January 22, 2001, TATA AIG General Insurance Company Limited is established as a joint venture between Tata Group and the American International Group (AIG). While Tata Group is one of the largest conglomerates of India, AIG is an international insurance company which has its presence in more than 100 countries worldwide. Since 2001, TATA AIG has made it a goal to provide insurance products so as to meet the needs of their customers. As a result Tata AIG was awarded as the “General Insurer Claims Team of the Year” by Claims Awards Asia 2013. Tata AIG offers consumer as well as commercial general insurance plans.
United India Insurance Co. Ltd is India’s one of the oldest companies which was established in the year 1938. This company later got merged with 12 Indian Insurance Companies, 4 Cooperative Insurance Societies and Indian operations of 5 Foreign Insurers, apart from General Insurance operations of southern region of Life Insurance Corporation Of India. This company has major clients like ONGC Ltd, GMR –Hyderabad International Airport Ltd, Mumbai International Airport Ltd etc.
Universal Sompo- Headquartered in Mumbai, India, Universal Sompo General Insurance Company Limited is a private public joint venture in general insurance where two nationalized banks, namely Allahabad Bank and Indian Overseas Bank, one private sector bank namely Karnataka Bank Ltd, one FMCG namely Dabur Investment Corp and a leading general insurer from Japan namely Sompo Japan Nipponkoa Insurance Inc have formed a general insurance company. It is India's first Public - Private Partnership in General Insurance Industry.
Kotak Mahindra General Insurance is a 100% subsidiary of Kotak Mahindra Bank Ltd, it was incorporated in December 2014 and received an approval from the Insurance Regulatory and Development Authority to start a General Insurance business in April 2015, post which it commenced business operations from December 2015 onward. The company aims to cater to a wide range of customer segment & geographies offering an array of non-life insurance products like Motor, Health, and others.
Aditya Birla Health Insurance is a joint venture between the Aditya Birla Group and MMI Holding Limited. This partnership between India’s third largest private sector conglomerate and one of South Africa’s largest insurance companies with a legacy of 122 years is poised to enable individuals and families lead happier and healthier lives.
General Insurance Companies
| INSURER | MOTOR | HEALTH |
|---|---|---|
| NATIONAL INSURANCE CO. LTD. | 90.68% | 125.53% |
| NEW INDIA ASSURANCE CO. LTD. | 91.00% | 124.54% |
| ORIENTAL INSURANCE CO. LTD. | 112.62 | 139.86% |
| UNITED INDIA INSURANCE CO. LTD. | 98.90% | 120.21% |
| ACKO GENERAL INSURANCE CO. LTD. | 95.64% | 103.75% |
| BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD. | 68.53% | 90.64% |
| BHARTI AXA GENERAL INSURANCE CO. LTD. | 75 | NA |
| CHOLAMANDALAM MS GENERAL INSURANCE CO. LTD. | 65.05% | 117.08% |
| DHFL GENERAL INSURANCE CO. LTD. | 29 | 99% |
| ZUNO (EDELWEISS) GENERAL INSURANCE CO. LTD. | 84.61% | 112.32% |
| FUTURE GENERALI GENERAL INSURANCE CO. LTD. | 62.43% | 88.44% |
| HDFC ERGO GENERAL INSURANCE CO. LTD. | 74.66% | 97.47% |
| GO DIGIT GENERAL INSURANCE CO. LTD. | 79.54% | 48.94% |
| ICICI LOMBARD GENERAL INSURANCE CO. LTD. | 70.88% | 91.67% |
| IFFCO TOKIO GENERAL INSURANCE CO. LTD. | 84.12% | 130.65% |
| KOTAK MAHINDRA GENERAL INSURANCE CO. LTD. | 82.67% | 72.11% |
| LIBERTY GENERAL INSURANCE CO. LTD. | 62.84 | 89.30% |
| MAGMA HDI GENERAL INSURANCE CO. LTD. | 65 | 66.42% |
| RAHEJA QBE GENERAL INSURANCE CO. LTD. | 102 | 109.54% |
| RELIANCE GENERAL INSURANCE CO. LTD. | 85 | 98.76% |
| ROYAL SUNDARAM GENERAL INSURANCE CO. LTD. | 89 | 90.22% |
| SBI GENERAL INSURANCE CO. LTD. | 87 | 81.92%s |
| SHRIRAM GENERAL INSURANCE CO. LTD. | 69 | 37.07% |
| TATA AIG GENERAL INSURANCE CO. LTD. | 70 | 86.53% |
| UNIVERSAL SOMPO GENERAL INSURANCE CO. LTD. | 88 | 113.39% |
| Navi General Insurance | 88 | 28.56% |
| Aditya Birla Health Insurance | 88 | 69.56% |
| Care Health Insurance | 88 | 65.07% |
| Manipal Cigna Health Insurance | 88 | 76.17% | Niva Bupa Health Insurance | 88 | 62.12% |
The general insurance company that you choose must have the capability and credibility to keep up to their promises.
Consider the below mentioned parameters to choose the best general insurance company in India:
Read More About: Fundamentals of General Insurance
