There are two types of insurance that are popular or well used. One is Life Insurance other is Non-life Insurance or General Insurance. Here are the top 10 General Insurance companies in India.
General insurance covers Motor insurance, Health insurance, travel insurance, home insurance, and many other non-life insurances.
The overall market size of the insurance sector is US $ 280 billion. It is expected to grow at 12-15% annually over the next three to five years.
Union Budget 2021 increased the FDI limit in insurance from 49% to 74%. India’s Insurance Regulatory and Development Authority (IRDAI) has announced the issuance, through Digilocker, of digital insurance policies by insurance firms.
The future looks promising for the life insurance industry with several changes in the regulatory framework which will lead to further change in the way the industry conducts its business and engages with its customers.
Top 10 General Insurance Companies in India
1. ICICI Lombard General Insurance Company Ltd
ICICI is a leading General Insurance company in India. The company was founded in the year 2001.
The company offers insurance coverage for Cars, Two-wheelers, travelers, Health, Cyber, Business, Homes, and more.
ICICI Bank is the parent company of ICICI Lombard. The company headquarters is in Mumbai.
ICICI Lombard had 272 Branches and 840 virtual offices across India.
The company has 10,682 employees working with them.
2. General Insurance Corporation of India
It is an Indian government-owned company incorporated in the year 1972. It comes under the Ministry of Finance, Government of India.
General Insurance Corporation of India is in the Reinsurance business. It provides insurance to the insurance company. It is the insurance that an Insurance company purchases to avoid the risk of major claim events.
GIC was formed for the purpose of superintending, controlling, and operating on the business of general insurance.
The company has a registered office and headquarter in Mumbai.
3. Oriental Insurance
Oriental Insurance company is a government-owned general insurance company in India. The company was incorporated in the year 1947. The company headquartered in New Delhi.
Different insurance policies the company offers are Motor insurance policy, Personal Insurance policy, Shopkeeper Policy, Householder policy, Nafarik Suraksha Policy, Health insurance policy, Pradhan Mantri Fasal Bima Yojana, Rural Insurance, and others.
The company has 31 regional offices and more than 1800 branches across India.
The company has also branched in Nepal, Dubai, Kuwait.
4. Reliance General Insurance Co. Ltd.
Reliance General Insurance company is a private non-life insurance company owned by Reliance capital.
The company was incorporated in the year 2000.
The company offers insurance products for motor insurance, travel insurance, Health insurance, corporate insurance, Insurance for SMEs, and others.
The company has 139 offices and more than 28,900 intermediaries across India.
5. BajajAllianz General Insurance Co. Ltd.
BajajAllianz General Insurance is a leading private general insurance company in India.
The company offers both General Insurance and Life Insurance policies.
In general Insurance categories, the company offers insurance coverage for car, pet, health, bike, travel, homes, PMFBY, Sakal Suraksha Bima Yojana, and cyber Insurance.
The company was incorporated in the year 2001. The company headquarters is in Pune, India.
BajajAllianz General Insurance is one of the largest insurance companies with over 1100 offices in towns and cities across India. It is one of the top 10 General insurance companies in India.
The company was the result of a joint venture between Bajaj Finserc Limited and Allianz SE, a German financial service company.
6. Tata AIG General Insurance
Tata AIG General Insurance Company is a leading general insurance company in India. The company is the result of a joint venture between the Tata Group and Americal International Group. Tata group holds a 74 percent stake in the company.
Tata AIG General Insurance company was incorporated in the year 2001.
Tata AIG General Insurance offers Car insurance, Travel Insurance, Bike Insurance, and Health insurance, energy, marine, properties, and casualty.
7. United India Insurance
United India Insurance is a government-owned general insurance company in India.
The company was incorporated in the year 1938. The headquarter of the company is in Chennai, India.
United India Insurance company offers Motor insurance, health insurance, Shopkeeper Insurance, Personal Accident insurance. Householder insurance, overseas travel insurance, home insurance, and other insurance products.
The company is a subsidiary of the General Insurance company of India(GIC).
8. SBI General Insurance Co. Ltd.
SBI General Insurance Company is a general insurance company owned by the State Bank of India. SBI General Insurance company is a joint venture between SBI and Insurance Australia Group.IAG sells stake in march 2020. Now SBI owns 70% of the company.
The company offers a wide range of products and services includes Health, Motor, Travel, Home, Fire, Marine, Personal Accidents, and other services.
The company was incorporated in the year 2009. The CEO of the company is Prakash Chandra Kandpal.
9. Kotak Mahindra General Insurance Co. Ltd.
Kotak Mahindra General Insurance company is a general insurance company 100% owned by Kotak Mahindra Bank Ltd.
The company was incorporated in the year 2014.
The company offers a product that includes car insurance, Health insurance, two-wheeler insurance, third party liability insurance and others.
The CEO of the company is Suresh Agrawal.
10. Edelweiss General Insurance Co. Ltd.
Edelweiss General Insurance Company is a leading general insurance company in India.
The company offers insurance policies for Motors, health, travel, and others.
The company also offers Loan protection, commercial insurance, engineering insurance, ire Insurance, marine insurance, Arogya Sanjeevani.
You can easily process your claims through their websites.