The Indian Insurance Sector is among the biggest insurance sectors in the world with an annual insurance policy of over 35 Crore people. At present, the total value of the industry is about $60 Billion, which is anticipated to cross the mark of $160 Billion in next 10 years.
What is a General Insurance?
General Insurance is a type of insurance, which is not a life insurance and covers losses and damages of many products like automobile, house, health, etc. In the present era of unpredictability, general insurance is a necessity that protects our valuable products.
General Insurance is a diversified domain and cover insurance of various products. Travel Insurance, Fire Insurance, Motor Insurance and House Insurance are some of the products of general insurance.
There are many general insurance companies operating in the country and out of them, some are government and some are private. This post describes about the Top 10 Best General Insurance Companies in India:
10. Agriculture Insurance Company of India
10th position on this list is occupied by Agriculture Insurance Company of India Limited (AIC), a government organization engaged in providing crop insurance and financial support to farmers in the country.
The company is the biggest crop insurer in the world as it covers more than 2 Crore farmers of over 500 districts of the country. National Agricultural Insurance Scheme, Modified National Agricultural Insurance Scheme and Weather Based Crop Insurance Scheme are products of the company.
9. Reliance General Insurance Company Limited
Reliance General Insurance Company Limited is among front runners and occupied ninth spot in the list of top 10 best general insurance companies in India. A part of Reliance Anil Dhirubhai Ambani Group, Reliance General Insurance Company Limited was established in the year 2001 and within a short duration of time, it has managed to join the league of top players.
Winner of General Insurance Company of the year award, Reliance General Insurance Company offers a wide range of products for individuals and corporate houses. Car Insurance, Marine Insurance, Fire Insurance, Liability Insurance and Overseas Travel Insurance are some of the products of the company.
8. IFFCO Tokio General Insurance Company Limited
Next on this list is IFFCO Tokio General Insurance Company Limited, a general insurance company that came into existence in 2000, when IFFCO and Tokio Marine and Nichido Fire Group formed a joint venture.
Motor Insurance, Home Insurance and Health Insurance are some of the products, which are offered through a wide network of the company that comprises of 65 strategic business units.
7. HDFC ERGO General Insurance Company Limited
HDFC ERGO General Insurance Company Limited came into existence in the year 2002, when HDFC Limited and ERGO International AG formed a joint venture.
HDFC ERGO is an ISO 9001:2008 certified company, which also received iAAA Rating by ICRA for its excellent services to customers.
6. Bajaj Allianz General Insurance Comapny Limited
Bajaj Allianz General Insurance Company Limited is another private player in this list, which was established in 2001. Car Insurance, Travel Insurance and Health Insurance are some of the products of the company.
5. ICICI Lombard General Insurance Company Limited
ICICI Lombard General Insurance Company Limited is a leading player in this segment and ranked fifth in the list of top 10 best general insurance companies in India. The company came into existence in the year 2001, when ICICI Bank Limited and Fairfax Financial Holdings Limited formed a joint venture.
ICICI Lombard is the biggest private general insurance in the country and keeps a strong hold in the market. Motor Insurance, House Insurance, Car Insurance, Travel Insurance are some of the products of the company.
4. Oriental Insurance Company Limited
Oriental Insurance Company Limited is among the front runners of this segment in the country, which was incorporated in 1947. The company has a strong presence with more than 1800 branches in the country.
3. United India Insurance Company Limited
United India Insurance Company Limited is a government owned general insurance company, which was founded in 1938 and presently holds a significant share of this segment in the country.
With a wide network of over 1300 offices in the country, United India Insurance Company keeps a strong hold in the country and provides insurance cover to more than 1 Crore policy holders.
2. National Insurance Company Limited
National Insurance Company Limited is another government organization and stand at second in the list of top 10 best general insurance companies in India. Winner of Business Leadership Award, National Insurance Company Limited was established in the year 1906.
Motor Insurance, Commercial Risk Insurance, Rural Insurance and Personal Insurance are some of the products offered by the company. The company has a work force of more than 14,000 employees and over 1900 offices in the country.
1. The New India Assurance Company
The New India Assurance Company is the indisputable leader of the general insurance sector in the country. Incorporated in the year 1919, The New India Assurance Company leads the general insurance front with the maximum share.
Personal Insurance, Commercial Insurance, Industrial Insurance, Liability Insurance and Social Insurance are products offered by the company.
Headquartered in Mumbai, New India Assurance has a workforce of more than 19,000 employees and about 50,000 agents. The company operates in more than 25 countries in the world through subsidiaries.