Common form of non-life insurance in India is shop, office, Mediclaim, travels, fire, marine, homeowners, vehicle insurance and others.
The policy provides payment based on the loss incurred from a specific economical event to the policyholder.
List of General Insurance Companies in India
As per IRDA, following are registered insurers in India. Let’s take a look at the list of general insurance companies in India based on IRDA. Every Insurer is the best in its own ways. IRDA does not rank insurance companies in India.
It considers every company as equal. So it is a just list of general insurance companies in India.
- Acko General
- Aditya Birla Health
- Bajaj Allianz
- Bharti AXA
- Care Health (formerly known as Religare Health)
- Cholamandalam MS.
- ECGC Ltd.
- Future Generali India.
- Go Digit
- HDFC ERGO Health (Formerly Apollo Munich Health)
- ICICI LOMBARD
- IFFCO TOKIO
- Kotak Mahindra
- Magma HDI
- Manipal Cigna Health
- Max Bupa Health
- National Insurance Company Limited
- Raheja QBE
- Reliance Health
- Royal Sundaram
- SBI General
- Shriram General
- Star Health & Allied
- Tata AIG
- The New India Assurance Co. Ltd
- The Oriental Insurance Co. Ltd.
- United India
- Universal Sompo
Acko General Insurance:
Acko is a private general insurance company in India. The company was founded in 2016. The company headquarter is in Mumbai, Maharashtra, India.
Varun Dua is the CEO of the company. The company believes in an online-led model. All operations of the company are offered through the digital platform.
Varun Dua is the founder & CEO of the company. Acko has raised around 274 crore in funding from investors like Accel Partners, SAIF Partners, Amazon, Catamaran Ventures etc. as of 2018.
The company offers motor insurance, in-trip domestic insurance and mobile insurance. Around 500 employees are working with the company.
Aditya Birla Group:
Aditya Birla Group is an Indian multinational company. They have interest in viscose filament yarn, branded apparel, carbon black, chemicals, fertilisers, insulators, viscose staple fibre, metals, cement, financial services, telecom etc.
Seth Shiv Narayan Birla founded the company 164 years ago in 1857. Now Kumar Mangalam Birla is the chairperson of the company & Santrupt Misra is Director & Chief executive officer.
The company headquarter is in Worli, Mumbai, Maharashtra, India. More than 120,000 employees are working with them in 34 countries. In 2019, they had a revenue of approximately 3,42,930 crore (US$48.3 billion).
Aditya Birla Group is one of the largest corporate houses in India. It is first & truly Multinational Corporation operating in 26 countries.
They have branches in India, Germany, UK, Philippines, UAE, Switzerland, Singapore, Myanmar, Brazil, Italy, Hungary, USA, Canada, France, Australia, Egypt, Luxembourg, China, Thailand, Laos, Bangladesh, Indonesia, Malaysia, Bahrain, Vietnam and South Korea.
They are dealing in Agribusiness, Carbon black, Cement, Chemicals, Finance, Mining, Metals, Retail, Pulp & Fibre, Telecommunications, Textile, Wind, power etc.
Mainly they are engaged in the business of non-ferrous metals, viscose filament yarn, viscose staple fiber, branded apparel, carbon black, sponge iron, telecom, IT services, financial services, insulators, cement, fertilizers, chemicals & BPO.
Agriculture Insurance Company of India:
AIC is a government owned company. It is a development finance institution under the ownership of Ministry of Finance, Government of India. It offers yield-based and weather-based crop insurance programs in almost 500 districts of India.
The company covers almost 20 million farmers. This number makes them the biggest crop insurer in the world. It is a development finance institution.
The company was founded in 2002. Company headquarter is in New Delhi, India. The company was incorporated on 20 December 2002 with an authorized capital of Rs. 1500 crore.
Their initial paid-up capital was Rs. 200 crores at that time. The promoting companies GICI (35%), NABARD (30%) and the four public-sector companies (8.75%) each subscribed this amount. They are National, Oriental, New India Assurance Co. Ltd., and United India.
Malay Kumar Poddaris Chairman & Managing Director of the company. Net income of AIC is 74 million $ & around 283 employees are working with it.
They provide coverage and financial support to the farmers in the failure of crop. It works in any reason like to encourage the farmers to adopt progressive farming practices, high value in-puts and higher technology; natural calamities, pests and diseases to restore their creditworthiness for the ensuing season; to help stabilize farm incomes, particularly in disaster years.
They provide comprehensive risk insurance for tempest, hurricane, tornado flood, inundation, landslide, drought, dry spells, pests/diseases, yield losses due to natural fire and lightning, storms, hailstorms, cyclone, typhoon, etc.
Bajaj Allianz is an Indian private general insurance company. It is a joint venture between Bajaj Finserv Limited & Allianz SE. Bajaj Finserv was formerly formerly part of Bajaj Auto Limited, it is owned by the Bajaj Group of India and Allianz SE is a German financial services company. Bajaj Allianz is known for reputation, expertise, stability, and strength.
The company was founded on 2nd May 2001 to conduct various businesses like health insurance in India.
They have paid up the capital of 110 crors. Bajaj is holding 74% stake & Allianz SE is holding 26% stake. Company headquarter is in Pune, Maharashtra, India. Mr Tapan Singhel is MD & CEO of the company.
They are dealing with individual & corporate with a wide range of products, from personal accident to marine insurance & many more. The company is known for its claim & customer service levels.
In 2020, IDC Financial Insights Innovation Awards honoured them with the Best Insurer in India. In the same year,The CX Asia Excellence Awards recognised the company for providing Best Customer Experience 2020 & Best Brand Experience 2020.
They also received Gold Award at the prestigious Outlook Money Awards 2020, in Non-Life Insurer Category.
They also received Best Travel Insurance award by Outlook Traveller and Best Motor Insurance Provider of the year award from Money today.
HDFC ERGO (Formerly Apollo Munich) is a leading general insurance company in India. It is a joint venture between HDFC & ERGO International AG.
HDFC is a leading bank in India & ERGO is one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector.
The company headquarter is in Mumbai, Maharashtra, India. Mr Ritesh Kumar is the MD of the company. The company is dealing in Health, Vehicle, Travel, Home, Accidental, Commercial, and Rural insurance.
They offer products in rural, corporate & retail sectors. In corporate sector, they offer liability, marine, and property insurance.
In rural sector, they offer crop and cattle insurance to the farmers & in retail sector; they offer health, motor, travel, home, personal accident, and cyber security policy.
Bharti AXA is one of the largest private general insurance companies in India. It is a joint venture of Bharti Enterprises & the AXA group. Bharti group is holding 51.74% stake & AXA is holding 49.26% stake.
Bharti Enterprises is one of the leading business groups in India. They are dealing with in telecom, agri-business, financial services, retail and manufacturing. AXA group is a leader in insurance and asset management worldwide.
They are serving 105 million clients, individuals and business, in 61 countries and offers insurance, savings and investment products and services.
The company was founded in2007. Sanjeev Srinivasan is the CEO of the company. Company headquarter is in Mumbai, Maharashtra, India.
Bharti AXA has PAN India presence through 135 branches. They offers a wide range of products including health and critical illness, two-wheeler and motor, individual and family travel, property and student, and crop insurance.
Cholamandalam MS is one of the leading general insurance company in India. It is a joint venture between Murugapp group & Mitsui Sumitomo.
Murugappa Group is an Indian conglomerate, and the Mitsui Sumitomo Group is a Japanese company.
The company was founded in 2001. The company headquarter is in Chennai, Tamilnadu, India. Suryanarayan V is the MD of the company.
They are dealing in Vehicle, Health, Property, Travel, Accident, Marine, and crop insurance.
As of 2011-12, they had Gross Written Premium of Rs. 13465 million. They are working with 93 branches & over 6,000 agents across the country.
They are working with the motto ‘T3’-Trust, Technology & Transparency. They were named as the best insurance company in India for “In time Claims Settlement for the year 2011–12” in the Rashtriya Swasthya Bima Yojana scheme run by the Ministry of Labour & Employment, Government of India.
InsusInd Bank offered solutions for individuals as well as corporate customers in association with them.
In 2011, they received “Financial Insights Innovation Award” for innovation in mobile enablement – Claims Survey Process at the Asian Insurance Congress held in Singapore.
ICICI Lombard is one of the largest general insurance companies in India. The company was founded in 2001.
The company headquarter is in Mumbai, Maharashtra, India. Bhargav Dasgupta is the MD of the company.
ICICI Lombard is a joint venture between ICICI Bank & Fairfax Financial Holdings Limited. ICICI Bank is India’s second largest Bank & Fairfax Financial Holding Limited is a financial company based in Toronto.
ICICI Bank is holding 64% stake & Fairfax is holding 36% stake in the venture. It is the largest private sector general insurance company in India.
The company is dealing in Vehicle, Travel, General insurance, Health,Home, Crop, and Business insurance.
They are having Gross Written Premium (GWP) of 135.92 billion during financial year 2020. They are offering policy insurance and renewal through its intermediaries and website. The company is having 273 branches & 840 virtual offices across the nation.
Kotak Mahindra is a 100% subsidiary of Kotak Mahindra Bank. The company was incorporated in 2014. Kotak received an approval from the IRDA to start a General Insurance business in 2015.
Thus, the company was founded in 2015. The company headquarter is in Mumbai, Maharashtra, India. Suresh Agrawal is the MD & CEO of the company.
They are dealing in vehicle, health, and home insurance. The main aim of the company is to a wide range of customer segment & geographies offering an array of products like Motor, Health, Home and others.
Kotak Mahindra Bank is a part of Kotak Mahindra group, which was founded by Uday Kotak. It is becoming the first non-banking finance company in the country to convert into a bank.
NICL is a government owned general insurance company in India. Ministry of Finance, Government of India is the owner of the company. “Trusted Since 1906” in italic is the tag line of the company.
The company was founded in 1960, headquarter in Kolkata, West Bengal, India. Gordhandas Dutia and Jeevan Das Dutia established the company. The company was nationalised in 1972. Tajinder Mukherjee is the chairperson & MD of the company.
They are dealing in wide range of products such as Vehicle, Health, Marine and Property insurance.
Their portfolio consists of a multitude of non-life policies, offered to a wide arena of clients encompassing different sectors of the economy. The company serves in India as well as Nepal.
In 1972, after nationalisation NICL used to operate as a subsidiary of General Insurance Corporation of India (GIC).
NICL signed an agreement with National Bank for distribution of its products through the bank’s branches in Uttarakhand, Haryana and New Delhi in April 2004. Around 10,669 employees are working with the company.