There are quite many top-ranked privately-owned and government-operated general insurance companies in India offering different types of insurance schemes to customers, be it for an individual, family, group or business entity of any size.
An Overview of Insurance Companies in India
Insurance, or more specifically in corporate terms “insurance policy” aims to indemnify a person (customer/policyholder) or the person’s assets, health etc., that are safeguarded under the company’s insurance scheme(s) against unforeseeable events or incidents such as critical illness, accident, damage to asset/property, future loss, or liability etc.
Insurance companies in India are approved by the Insurance Regulatory and Development Authority of India (IRDAI), which is a statutory body responsible for regulating and promoting the insurance and reinsurance industries in the country.
In India, there are generally three types of insurance companies: General Insurance Companies, Life Insurance Companies, and Reinsurance Companies. At present, there are about 31 General Insurance companies, 24 Life Insurance Companies, and only 1 Reinsurance company in India, respectively.
A general insurance company offers a range of insurance products including travel insurance, motor insurance, health insurance, rural insurance, and more, excluding life insurance. Conversely, a stand-alone health insurance company solely focuses on providing health insurance coverage.
Also, read these articles:
Here, we’re going to share with you twenty general insurance companies of India that offer financial assistance and wealth management services to individuals as well as business customers.
20 Best General Insurance Companies of India
Below are twenty general insurance companies of India that offer different types of insurance policies to retail and business customers.
1. Acko General Insurance Limited
Acko General Insurance is an Indian private-sector general insurance company that was established in India. It offers a wide range of retail products, including motor insurance, health insurance, travel insurance, and mobile insurance. By offering this extensive range of products, Acko General Insurance is able to cater to the insurance needs of a large number of people across the country.
Acko General Insurance has established strong partnerships with prominent tech companies like Amazon, Oyo, and Ola since its inception. The company has gained recognition for its innovative insurance products. Acko is supported by renowned companies such as Amazon, Accel, Saif Partners, Catamaran Ventures, Swiss Re Transamerica Ventures, and several seasoned investors.
The general insurance company follows an advanced and online-led insurance model, due to which all operations of the firm are offered to the customers through the digital platform.
2. Aditya Birla General Insurance Company Limited
Aditya Birla General Insurance Company Limited is part of the Aditya Birla Capital Ltd (ABCL) group, formed as a joint venture between the Aditya Birla Group and MMI Holdings of South Africa. This subsidiary specializes in offering comprehensive insurance broking and advisory services to both individuals and companies, providing a wide range of retail and corporate solutions.
Aditya Birla Insurance Company offers a range of insurance products, including Motor Insurance, Health Insurance, and Travel Insurance. Additionally, the company provides reinsurance solutions to insurance companies and has established strong relationships with Indian and global insurers operating in India, South Asia, the Middle East, and South-East Asia. The organization’s comprehensive suite of insurance products comes with a range of beneficial features and benefits, which provide assistance to its policyholders to enjoy its insurance policy in an easier manner.
3. Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited is a collaborative venture between Bajaj Finserv Limited and Allianz SE. This company provides customized insurance solutions in multiple sectors throughout India, such as health insurance, cyber safety insurance, home insurance, travel insurance, and motor insurance.
With its consistent approach to delivering the best insurance solutions, Bajaj Allianz has achieved a prominent position among India’s top general insurers. The company serves individual customers throughout the nation as well as the corporate sector, offering a comprehensive range of insurance products and solutions, including car insurance, two-wheeler insurance, health insurance, marine insurance, travel insurance, and more.
4. Cholamandalam MS General Insurance Co. Ltd.
Cholamandalam MS General Insurance Company Limited, which is widely renowned as Chola MS, is an Indian general insurance company that originated with a joint venture between the Murugappa Group, which is an Indian conglomerate, and a Japanese insurance company named as Mitsui Sumitomo Insurance Group.
The general insurance company offers a wide range of insurance products and services to cater to various needs. They have a diverse portfolio that includes motor insurance, health insurance, engineering insurance, marine insurance, property insurance, and rural insurance for both individuals and corporate clients.
5. Digit General Insurance Company
Digit General Insurance Company, originally known as “Oben,” meaning digit in German, is an Indian insurance company offering non-life insurance products nationwide. Through its digital platform, the company offers a diverse range of insurance products and services. Fairfax, a financial holding company based in Toronto, Canada, provides the company with its operational support.
Digit General Insurance is a renowned insurance company that offers a wide range of insurance products, including car insurance, bike insurance, health insurance, home insurance, travel insurance, and more. With its extensive distribution network, Digit General Insurance has established a strong presence across the nation. Besides its offline operations, the company has expanded its reach by providing online services, allowing customers to conveniently purchase, renew, and modify their insurance plans.
6. Future Generali India Insurance Company
Future Generali India Insurance Company Limited is a well-established collaboration between Future Group, a renowned retail trade entity in India, and Generali, a globally recognized insurance group that ranks among the largest firms worldwide. Over the years, this general insurance company has evolved into a comprehensive insurance solutions provider, showcasing its dedication to offering a wide range of insurance services.
Future Generali Insurance Company provides a comprehensive range of insurance products and solutions to individuals and corporations, aiding them in managing and reducing risks. They offer various types of insurance including retail, personal, commercial, and rural insurance. Their diverse portfolio includes motor insurance, health insurance, travel insurance, home insurance, commercial insurance, lifestyle insurance, as well as social and rural insurance. With this wide array of offerings, Future Generali Insurance Company caters to the insurance needs of a broad segment of customers.
Future Generali India has established a reputation for delivering exceptional insurance solutions by leveraging the extensive industry knowledge and product range of Generali Group and Future Group.
7. HDFC ERGO General Insurance Company
HDFC ERGO General Insurance Company Ltd. is a collaboration between HDFC Ltd., India’s premier housing finance institution, and ERGO International AG, a primary insurance entity of the Munich Re Group. ERGO International AG is a subsidiary of the Munich Re Group, a renowned reinsurance and risk carrier company. Currently, ERGO operates in over 30 countries spanning across Europe and Asia.
HDFC Ergo Insurance Company offers a diverse range of general insurance products including motor insurance, health insurance, travel insurance, home insurance, and personal accident insurance in the retail sector. In addition, they also provide tailored insurance solutions such as property insurance, marine insurance, and liability insurance for corporate clients.
8. ICICI Lombard General Insurance Company
ICICI Lombard General Insurance Company is one of the largest private-sector general insurance firms in India. The company is a joint venture of ICICI Bank Limited and Canada-based Fairfax Financial Holdings Limited. The company has 273 branches and 840 virtual offices spread across the country.
The company provides affordable general insurance products like Car Insurance, Two-wheeler Insurance, Health Insurance, Travel Insurance, Marine Insurance, Business Insurance, Crop Insurance, and NRI Insurance. With its holistic portfolio of insurance products, ICICI Lombard General Insurance company aims to offer extensive coverage and quality solutions. It gives general insurance solutions to insure individuals and their families against unexpected incidents with solutions for business, personal and project liabilities across rural and urban regions.
9. IFFCO TOKIO General Insurance Co. Ltd.
IFFCO TOKIO General Insurance Co. Ltd., is a joint venture between the Indian Farmers Fertiliser Cooperative Limited (IFFCO), the world’s largest fertilizer manufacturer and Tokio Marine Group, one of the largest insurance groups in Japan.
The company offers a range of insurance products such as health insurance, car insurance, bike insurance, travel insurance, home insurance, and corporate policies like property insurance and liability insurance, thereby fulfilling the varied insurance-related needs of the customers.
The IFFCO Tokio is the first company in the nation which started to underwrite mega policies. The comprehensive insurance policies of the company are based on international rates and optimize the premium outflow for even customers as it offers a one-stop solution to cover all types of risks.
10. Kotak General Insurance Company Limited
Kotak General Insurance Company Limited is a 100% subsidiary of Kotak Mahindra Bank Ltd., which is India’s leading bank. The general insurance company was established to render services to the growing non-life insurance sector in India. Since its establishment, the company has managed to attain a national footprint of 13 branches spread across India.
The main objectives of Kotak Mahindra General Insurance Company are to set itself apart in the general insurance industry through the provision of tailored insurance products, the utilization of advanced technology, and the establishment of a robust digital infrastructure. The company is committed to serving a wide range of customer segments and geographical locations by offering a comprehensive range of non-life insurance products, including motor insurance, health insurance, home insurance, and commercial insurance. Additionally, the company has introduced four health insurance products specifically designed for the micro-insurance sector.
The remarkable success of the company can be attributed to its exceptional customer service, high-quality products, and innovative solutions.
11. Liberty General Insurance Ltd.
Liberty General Insurance Ltd. is a joint venture between Liberty Citystate Holdings PTE Ltd., a group company of US-headquartered Liberty Mutual Insurance Group and D. P. Jindal Group, an industrial conglomerate. The company provides comprehensive retail, commercial and industrial insurance solutions to individuals as well as corporates.
Liberty General Insurance Company provides a diverse range of insurance products such as car insurance, two-wheeler insurance, health insurance, engineering insurance, marine insurance, property insurance, commercial vehicle insurance and so on. The general insurance company continues to be one of the fastest-growing private sector multi-line, multi-channel companies in the Non-Life Insurance industry.
12. Magma HDI General Insurance Co. Ltd.
Magma HDI General Insurance Company Limited was established through a collaboration between Magma Fincorp Limited and HDI Global SE Germany. This company offers a diverse portfolio of modern general insurance products for both retail and commercial customers.
Magma HDI General Insurance offers a wide range of over 60 insurance products and services that cater to different categories. These include health insurance, motor insurance, liability insurance, fire insurance, engineering insurance, marine insurance, and more. What sets Magma HDI apart are its special offerings that make its plans more advantageous for policyholders.
13. National Insurance Co. Ltd.
National Insurance Company Limited (NICL) is a fully-owned general insurance company by the Government of India. The company was founded in 1906 and is one of the oldest general insurance companies in India.
The company, after the commencement of the General Insurance Business Nationalisation Act in 1972, was merged along with 11 Indian and 21 foreign companies to form the National Insurance Company Limited, which comes among one of the four subsidiaries of the General Insurance Corporation of India that is completely acquired by the Govt. of India.
National Insurance Company provides an extensive range of insurance products and services to its policyholders with around 300 insurance products. The company offers products for diverse categories such as Motor Insurance, Health Insurance, Personal Accident Insurance, Householders’ Insurance, Shopkeepers’ Insurance, Rural Insurance, Industrial and Commercial Insurance, and so on.
14. New India General Insurance Company Limited
New India General Insurance Company Limited is a multi-national general insurance company. The general insurance company has been the market leader in India for non-life business over the last 50 years. The company offers an all-inclusive range of insurance products which include Motor Insurance, Health Insurance, Travel Insurance, Rural Insurance, Marine Insurance, Office Protection, Machinery Insurance and so on.
The company operates in approximately 28 countries, utilizing various methods such as direct branches, agency operations, subsidiary companies, representative offices, and associates. Additionally, the organization is involved in co-promoting the Agricultural Insurance Company of India and GIC Housing Finance Ltd. Furthermore, to enhance its operations, the company has collaborated with different government-owned insurance companies to co-promote a common Third Party Administrator (TPA) for health insurance support services.
15. Reliance General Insurance Co. Ltd.
Reliance General Insurance Company Limited is an Indian private insurance company, which is a part of Reliance Anil Dhirubhai Ambani Group and wholly owned by Reliance Capital. The insurer provides insurance solutions across the domains of motor, health, travel, home, marine and fire. The insurance provider has 139 offices and over 28,900 intermediaries across the country.
Reliance General Insurance Company provides a diverse range of insurance solutions encompassing motor, health, home, travel, agriculture, marine insurance, and more. Additionally, the company is known for pioneering India’s first over-the-counter (OTC) health and home insurance plans.
16. SBI General Insurance Company Limited
SBI General Insurance Company Limited began its operations through a partnership between the State Bank of India (SBI) and Insurance Australia Group (IAG). The company offers a wide array of insurance products, catering to both retail and commercial sectors. With affordable rates, the company aims to make insurance services easily accessible to individuals and businesses of various types.
SBI General Insurance Company provides a wide range of insurance options catering to both retail and commercial markets. In the retail segment, their comprehensive suite of products includes motor insurance, health insurance, personal accident insurance, travel insurance, and home insurance. For commercial clients, they offer specialized insurance products such as aviation insurance, fire insurance, marine insurance, construction and engineering insurance, and more.
SBI General Insurance Company currently provides its services to three primary segments of insurance customers. These include the retail segment, catering to individuals and families; the corporate segment, serving mid to large-size firms; and the SME segment.
17. Shriram General Insurance Company
Shriram General Insurance Company is a joint venture between Shriram Capital Ltd., and South Africa-based Sanlam Limited company. The general insurance company became the preferred insurance partner of the Indian Railway Catering and Tourism Corporation (IRCTC). The general insurance company has a presence in 209 locations throughout the nation.
Shriram General Insurance Company offers a wide range of general insurance solutions including Motor Insurance, Travel Insurance, Home Insurance, Fire Insurance, Liability-only Insurance, Marine Insurance, Engineering Insurance, Rural Insurance and more. All the insurance solutions offered by the general insurance company are affordable and inclusive risk covers, due to which they get widely acknowledged by the customers.
18. Tata AIG General Insurance Co. Ltd.
Tata AIG Insurance Company is a renowned insurance provider formed as a collaborative effort between the Tata Group and the American International Group (AIG). Established in 2001, the company has gained significant recognition in the industry for its exceptional range of insurance products and services. Tata AIG offers a diverse portfolio including travel insurance, health insurance, motor insurance, and several other insurance solutions.
The insurance company holds two business verticals which are segregated as Consumer Lines and Commercial Lines. The product range under the Consumer Lines includes Motor Insurance, Health Insurance, Travel Insurance, Home Insurance, Rural-Agriculture Insurance and so on, as they are specially designed for individuals.
On the other hand, product ranges under the Commercial Line include Property and Business Interruption Insurance, Marine Cargo Insurance, Fire and Engineering Insurance, etc.
19. Universal Sompo General Insurance Co. Ltd.
Universal Sompo General Insurance is a Private Public Partnership (PPP) venture in the Indian general insurance industry. It is a joint venture between several companies – Allahabad Bank, Karnataka Bank, Indian Overseas Bank, Dabur Investment Corporation, and Sompo Japan Insurance Inc.
Universal Sompo General Insurance provides a gamut of insurance protection tools ranging from Individual Health Policies, Personal Accident cover, Motor and Two-wheeler Insurance, International Travel Insurance and Comprehensive Home Insurance coverage.
For small and large businesses, the company owns several risk-protection products that financially protect its customers from uncertainties which might hamper their business operations. The firm also provides Rural Insurance and Cattle Insurance for farmers and rural customers to safeguard their individual well-being and primary assets like tractors, farming equipment etc.
20. Zuno General Insurance Company
Zuno General Insurance Company is a subsidiary of Zuno Financial Services Limited and it is in the business of non-life insurance.
Zuno General Insurance company offer customers a diverse range of insurance products such as Car Insurance, Two-wheeler Insurance, Health Insurance, Home Insurance, Fire Insurance, Engineering Insurance, Loan Protection Cover, Driver-based Insurance and Commercial Insurance. The insurance plans under these categories are designed to cater the needs of customers and deliver swift and simple solutions.
These and several more general insurance companies in India offer a wide category of insurance products and services to individuals and corporations of any size.