General insurance companies in India
The general or non life insurance sector of India is primarily dominated by health insurance. However, with the levels of disposable income increasing among Indians, other forms of insurance like travel insurance and standalone accident policies are gaining ground as well.
The leading General insurance companies in India mentioned as below:
Bajaj Allianz General Insurance
Bajaj Allianz General Insurance got its certificate of registration from the Insurance Regulatory and Development Authority (IRDA) on May 2, 2001 to initiate general insurance operations in India and this permit included health insurance as well. The insurer owns a paid up and authorized capital amounting to INR 110 crores.
ICICI Lombard General Insurance
Among the private sector general insurance organizations of India, ICICI Lombard occupies the top spot, which it has achieved in a short span of time. It is also the first organization in India to have been conferred the certification of ISO 9001:2000. It has also been assigned an iAAA rating by ICRA that shows its credit potential.
IFFCO Tokio General Insurance
Established on December 4, 2000 IFFCO Tokio has its headquarters at Gurgaon, Haryana. It is one of the leading general insurers in the private sector of India and operates across the country with 100 offices. It is a joint venture of Tokio Marine & Nichido Fire Insurance Group, the biggest listed insurer from Japan, and Indian Farmers Fertiliser Cooperative Limited and its associate organizations.
National Insurance
National Insurance is among the quickest and biggest growers among the general insurers operating in India. The head offices of the insurer are at Kolkata – the bank was nationalized during 1972 following its establishment in 1906. It has almost 1000 offices across India and employs in excess of 16 thousand well trained professionals.
New India Assurance
As far as gross premium collection including foreign operations is concerned New India Assurance is one of the biggest general insurers of India. The insurer is headquartered at Mumbai and is one of the various public sector insurance providers in the country. Dorab Tata established the company in 1919 and it was nationalized in 1973.
Oriental Insurance
Oriental Insurance was established on September 12, 1947. Its headquarters are at New Delhi and it also has approximately 1000 offices spread across India. Besides it operates in Nepal, Dubai, and Kuwait as well. It has almost 16 thousand employees. At present it is wholly owned by the Union Government of India.
Reliance General Insurance
Reliance General Insurance is one of the leading privately held financial services providers in India. It is one of the 3 leading banking companies and financial services providers in the private sector when it comes to net worth. It offers in excess of 94 customized products and serves corporate, individuals, and small and medium enterprises.
Following are the other general insurers operating in India:
HDFC ERGO General Insurance
Export Credit Guarantee Corporation of India
Agriculture Insurance Company of India
Star Health and Allied Insurance
Apollo Munich Health Insurance
Future Generali India Insurance
Universal Sompo General Insurance
Royal Sundaram Alliance Insurance
Shriram General Insurance
Tata AIG General Insurance
Bharti AXA General Insurance
United India Insurance
Max Bupa Health Insurance
Cholamandalam MS General Insurance
L&T General Insurance
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