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General Insurance Companies in India

The Indian insurance sector is growing at a very fast rate. There are some excellent insurance providers who offer some of the best insurance plans. We have the public sector as well the private sector insurance companies offering commendable servicesin the Indian insurance industry. General insurance is nothing but non-life insurance.

It helps you and the things that you value a lot like car, bike, home and other professional causalities apart from death etc. by insuring them. So which are the top general insurance companies in India? Take a look and find out.

Top 5 general insurance companies in India
  1. The New India Assurance Company Limited-Right at the beginning, we have the New India Assurance Company Limited. This is one of the oldest insurance companies in India, established in 1919 by Sir Dorabji Tata.This is 100% government owned general insurance company that has spread its wings across 28 countries. Some of the most popular health and motor insurance policies in the country are offered by the New India Assurance Company Limited. It is also a favoured insurer because of the high claim settlement ratio it boasts of.
  2. National Insurance Company Limited-When it comes to health insurance, there are very few insurance providers who can match up to the National Insurance Company Limited. This is also among the oldest insurers in India. The company was founded in 1906 and is headquartered in Kolkata. Apart from health insurance, the company also has some excellent motor insurance plans on offer. The personal accident insurance policies from National Insurance Company are much sought after too.
  3. ICICI Lombard General Insurance Company-Coming to the private sector insurers, ICICI Lombard is the largest and among the most reputed general insurance companies in this sector. The insurance company is a joint venture between India’s ICICI Bank and Canada’s Fairfax Financial Holdings Limited. The company is one of the largest issuers of motor and travel insurance plans in India. It also has some very attractive health insurance plans on offer. ICICI Lombard enjoys a high claim settlement ratio and is also popular because of its excellent customer support team. This company settled more than 2.18 million claims as on 31st March, 2017.
  4. HDFC Ergo General Insurance Co.Ltd-Next, we have HDFC Ergo. This Company is a collaboration between HDFC – the financial institution that offers excellent housing finance and Munich Re Group ERGO International AG. This is also a very large and well known private sector general insurance company in India. The health and motor insurance plans from HDFC Ergo are much sought after. The company is regarded for its transparency, high claim settlement ratio and also for its after sales service provisions. The insurer offers a large variety of policies in the health, motor, travel, personal accident, home, and other specialised areas such as agriculture and marine insurance.
  5. Bajaj Allianz General Insurance-Last but not the least, we have the Bajaj Allianz General Insurance Company. Bajaj is a very reputed name in India and so it is not surprising to see how popular this particular insurance provider is among the Indians. The company is a joint venture between Allianz SE, a German company and Bajaj Finserv, which is wholly owned by the Bajaj Group. Bajaj Allianz has many plans in the health, travel and motor insurance spaces. The company is known for the unique features it offers on the insurance plans. With a healthy claim settlement ratio and an array of policies to choose from, Bajaj Allianz deservedly finds itself on the list of the country’s top general insurance companies.

It is important that the general insurance company that you opt for should have a good claim solvency ratio, pocket-friendly premiums, excellent customer service and a good management. India is slowly but surely warming up to the concept of insurance. Previously, people believed life insurance was the only kind of insurance that was needed.

But with more awareness and also with rising costs, everyone is realising just how important the general insurance space also is. If you have been toying with the idea of buying a few insurance plans, go ahead and explore your options.

Thankfully, there are many good general insurance providers in India with many excellent insurance plans. These plans offer good covers at great rates. So go and get insured without any further delay!

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