The Indian insurance industry is one of the fastest-growing industries in the country. In the past few years, there has been a significant increase in the number of insurance companies operating in India.
As per the latest data released by the Insurance Regulatory and Development Authority of India (IRDAI), there are a total of 55 general insurance companies in India. Choosing the right insurance company is a difficult task, especially with so many options available in the market. To help you out, we have compiled a list of the top 10 general insurance companies in India.
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The Top 10 General Insurance Companies in India
There are a number of different insurance companies in India that offer general insurance products. However, not all of these companies are created equal. Some are much better than others in terms of the products and services they offer, the claims they pay out, and the overall customer experience they provide. So, which are the best general insurance companies in India? Here is a list of the top 10, based on a variety of factors:
1. Bajaj Allianz General Insurance
Bajaj Allianz General Insurance is one of the leading insurance companies in India. The company offers a wide range of insurance products for both individual and corporate customers. Bajaj Allianz General Insurance has a strong presence in both the life and non-life insurance segments. The company has a wide network of branches and agents across the country.
Bajaj Allianz General Insurance was established in 2001. The company is a joint venture between Bajaj Finserv Limited, a leading financial services provider in India, and Allianz SE, one of the world’s leading insurance companies. Bajaj Allianz General Insurance is headquartered in Pune, Maharashtra.
Bajaj Allianz General Insurance offers a wide range of insurance products such as health insurance, motor insurance, travel insurance, home insurance, and more. The company has a wide network of branches and agents across the country.
2. HDFC Ergo General Insurance
HDFC Ergo General Insurance is one of the top 10 general insurance companies in India. It is a joint venture between HDFC Ltd. and Ergo International AG. The company offers a wide range of insurance products such as health, motor, travel, home, personal accident and general insurance. It has a strong presence in both the retail and corporate segments. The company has a pan-India network of over 9,000 intermediaries and a customer base of over 3 million.
HDFC Ergo has always been at the forefront of using technology to enhance customer experience. It was the first general insurer in India to launch an AI-based chatbot ‘Digit’ to help customers with their queries. The chatbot is available 24×7 on the website and mobile app. It has also launched a mobile app ‘Selfie’ which allows customers to self-inspect their vehicles and get an instant quote.
HDFC Ergo has a strong focus on innovation and customer service. It has been consistently ranked among the top 3 general insurers in India in the customer satisfaction surveys conducted by Indian Insurance Regulatory and Development Authority (IRDAI).
3. ICICI Lombard General Insurance
ICICI Lombard is one of the top 10 general insurance companies in India with a gross written premium (GWP) of Rs 18,645.36 crore in FY18. The company offers a wide range of insurance products such as motor, health, travel, home, personal accident, and general insurance.
ICICI Lombard has a strong distribution network with a presence in more than 2000 cities and towns across the country. The company has a customer base of over 1 crore. ICICI Lombard has a claim settlement ratio of 97.3% and a solvency ratio of 152.55% as on March 31, 2018.
The company has a strong focus on the digital space and has been a pioneer in introducing several innovative products and services in the market. ICICI Lombard was the first general insurance company in India to launch a mobile app and a paperless policy.
The company has also launched several customer-friendly initiatives such as the ‘Pay As You Drive’ motor insurance policy, the ‘InstaHealth’ insurance policy, and the ‘Travel Easy’ policy.
ICICI Lombard has received several awards and recognitions over the years. The company was conferred the ‘General Insurance Company of the Year’ award at the India Insurance Awards 2018. ICICI Lombard was also ranked as the ‘Most Trusted Private Sector General Insurance Brand’ in India by The Brand Trust Report, 2018.
4. IFFCO Tokio General Insurance
IFFCO Tokio General Insurance is one of the leading general insurance companies in India. The company offers a wide range of insurance products for individuals, families and businesses. Some of the popular products offered by the company include motor insurance, health insurance, home insurance, travel insurance and life insurance.
IFFCO Tokio General Insurance has a wide network of branches and agents across India. The company has a strong focus on customer service and offers 24×7 customer support. The company has received several awards and recognitions for its products and services.
5. Kotak Mahindra General Insurance
Kotak Mahindra General Insurance is one of the top 10 general insurance companies in India. It is a subsidiary of Kotak Mahindra Bank and was established in 2015.
The company offers a wide range of insurance products including health, motor, travel, home, and personal accident insurance. Kotak Mahindra General Insurance has a network of over 3,000 branches and 5,000 agents across India.
6. New India Assurance
New India Assurance is one of the top 10 general insurance companies in India with a strong global presence. The company offers a wide range of insurance products for individuals, families and businesses. Some of the popular insurance products offered by New India Assurance include health insurance, car insurance, travel insurance, home insurance and life insurance.
New India Assurance has a strong customer base and a wide network of branches across India. The company has a team of experienced and qualified insurance experts who are always ready to help customers with their insurance needs. New India Assurance is committed to providing quality insurance services at competitive prices.
The company has been awarded the ISO 9001:2008 certification for its quality management system. New India Assurance is also a member of the General Insurance Council of India.
7. Oriental Insurance
Oriental Insurance is one of the top 10 general insurance companies in India. It was founded in 1947 and is headquartered in New Delhi. The company has a network of over 1,600 branches and 12,000 employees. It offers a wide range of insurance products, including health, motor, travel, home, and personal accident insurance. Oriental Insurance also has a strong presence in the rural market with its Jana Suraksha Yojana scheme.
8. Reliance General Insurance
Reliance General Insurance is one of the top 10 general insurance companies in India. The company offers a wide range of insurance products including health, motor, travel, home, and more. Reliance General Insurance also has a wide network of branches and agents across the country.
9. Royal Sundaram Alliance Insurance
Royal Sundaram Alliance Insurance Company Limited is one of the leading private sector general insurance companies in India. The company was founded in the year 2000 and is a joint venture between Sundaram Finance, one of India’s leading non-banking financial services companies and Royal & Sun Alliance Insurance plc, UK, a leading international general insurer.
With a strong focus on customer service, the company has a pan-India presence with a network of over 3,000 empanelled hospitals, more than 10,000 cashless garages and a customer service team that handles over 2.5 lakh calls every month. The company offers a wide range of insurance products for individuals, families and businesses.
Some of the popular individual insurance products offered by the company include health insurance, motor insurance, travel insurance and home insurance. The company also offers a wide range of group insurance products for corporates, SMEs and other organisations.
The company has been recognised for its outstanding performance and customer service by various industry bodies. In the year 2016-17, the company was awarded the ‘General Insurance Company of the Year’ by the National Insurance Academy.
If you are looking for a reliable and customer-centric general insurance company, Royal Sundaram Alliance Insurance Company Limited is a good option to consider.
10. SBI General Insurance
SBI General Insurance is one of the top 10 general insurance companies in India. It is a joint venture between the State Bank of India and Insurance Australia Group. The company offers a wide range of insurance products, including health, travel, motor, and home insurance. It has a strong network of over 5,000 branches and 24/7 customer support.
SBI General Insurance has won several awards, including the prestigious Golden Peacock Award for Innovation in Insurance. The company is also ISO 9001:2008 certified.
The Future of the Indian General Insurance Industry
The future of the Indian general insurance industry looks promising. The industry is expected to grow at a compound annual growth rate (CAGR) of 15-20% over the next five years. This growth will be driven by the increasing awareness of insurance products, the expanding middle class, and the growing economy.
The industry is also expected to benefit from the implementation of the Goods and Services Tax (GST). The GST is expected to make insurance products more affordable and increase the demand for them. The industry is also likely to see consolidation as smaller companies are acquired by larger ones.
How to Choose the Right General Insurance Company in India
There are a few things to keep in mind when choosing the right general insurance company in India. The first is to make sure that the company is licensed by the Insurance Regulatory and Development Authority of India (IRDAI). The second is to check that the company has a good financial rating. And third, it is important to find out what kind of customer service the company offers.
When it comes to general insurance, there are a few different types of coverage that you can choose from. The most common type of coverage is for health insurance.
This type of insurance will cover your medical expenses in the event that you become ill or injured. There are also policies that cover your belongings in the event that they are lost or stolen. And finally, there are also policies that will protect you financially in the event that you are sued.
When choosing an insurance company, it is important to shop around and compare rates. It is also a good idea to read the fine print so that you know exactly what you are getting into. And lastly, make sure to ask plenty of questions so that you can be sure that you are making the best decision for your needs.
Why these companies are the top 10 in India
There are many reasons why these companies are the top 10 in India. They have been in business for a long time, they have a good reputation, they are financially stable, and they have a strong presence in the market.
These companies have been able to weather the storms of the Indian economy and have come out stronger than ever. They have a deep understanding of the insurance market in India and are able to provide their customers with the best possible coverage.
These companies are also very customer-focused and are always looking for ways to improve their products and services. They are constantly innovating and introducing new products that meet the changing needs of their customers.
Finally, these companies have a strong commitment to corporate social responsibility and are actively involved in various social welfare initiatives. They believe in giving back to the community and making a difference in the lives of those who need it the most.
Conclusion
The Indian general insurance industry is one of the most competitive and rapidly growing markets in the world. With so many options available, it can be difficult to choose the right company.
However, the top 10 general insurance companies in India are all excellent choices that offer a variety of products and services. These companies are also committed to providing excellent customer service and Claims support.