Best 7 General Insurance Companies in India

Insurance is a valuable financial instrument. It can help you live your life with fewer anxieties, knowing that if a calamity or accident occurs, you will receive financial aid, allowing you to recover faster. 

 

When it comes to life insurance, this may mean that your family does not have to relocate or that your children can afford to attend college. In the case of auto insurance, it might imply that you have additional cash on hand to assist pay for repairs or a new vehicle following an accident. God forbid but after something happens, insurance can help you get back on track as much as possible.

 

 

What is General Insurance?

 

General insurance refers to insurance contracts that do not fall under the purview of life insurance. There are several types of general insurance, including disaster, naval, automobile, accident, and other non-life insurance.

 

The tangible assets are vulnerable to harm, and there is a need to maintain the economic worth of the assets. General insurance products are purchased for this reason because they give protection against unpredictable occurrences such as asset damage and loss. General insurance products, like life insurance, have a premium component.

 

Watch the following video to know about General Insurance in detail.

 

Best General Insurance companies in India

 

1. ACKO General Insurance Ltd.

 

Acko General Insurance is an Indian private sector general insurance firm. In 2017, the Insurance Regulatory and Development Authority of India (IRDAI) granted the firm a license. 

 

The general insurance business employs an innovative and online-led insurance strategy, as a result of which all of the firm's operations are provided to consumers via a digital platform. Acko General Insurance Company began with a modest team of six employees and has since expanded to a workforce of over 400 specialists. 

 

Since its inception, Acko General Insurance has developed relationships with key technology companies such as Amazon, OYO, and Ola, and is known for its innovative insurance solutions. Amazon, Accel, SAIF Partners, Catamaran Ventures, Swiss Re Transamerica Ventures, and other well-known investors have all funded the overall firm.

 

2. Bajaj Allianz General Insurance Company

 

Bajaj Allianz General Insurance Company Limited is the result of a collaboration between Bajaj Finserv Limited and Allianz SE. 

 

Under this agreement, Bajaj Finserv Limited owns 74% of the company, while Allianz, SE owns the remaining 26%. These market leaders bring balance, reputation, competence, and power to Bajaj Allianz General Insurance, proving to be the true factors behind the general insurance firm's successful implementation.

 

The Bajaj Allianz General Insurance Company has a paid-up and an authorised capitalization of Rs 110 crores. 

 

According to The Economic Times Best Brands and The Brand Trust Report India Study 2016, this insurance business is deemed the most reputable general insurance agency in India after insuring 20,000 brands spanning 16 cities in the country.

 

3. HDFC ERGO General Insurance

 

HDFC ERGO General Insurance Company Ltd. is a partnership between HDFC Ltd., India's leading housing finance institution, and ERGO International AG, a key insurance subsidiary of the Munich Re Group. 

 

Moreover, ERGO International AG is a subsidiary of the Munich Re Group, one of the world's top reinsurers and risk carriers. ERGO now operates in over 30 countries across Europe and Asia, with over 40 million subscribers.

 

In addition, the insurer offers personalized insurance products such as marine insurance, property insurance, and liability insurance in about 113 locations across the country. More than 5 million policies have been handled by the insurance company.

 

4. Future Generali India Insurance

 

Future Generali India Insurance Company Limited is a joint venture between Future Group, a game-changer and a leading name in retail trade in India, and Generali, a 187-year-old global insurance group that is proudly listed among the 60 largest firms in the world, according to the Fortune Global 500 Ranking released in 2017. 

 

With its top-tier infrastructure, innovative products, personalized offers, and insurance solutions at cheap rates, the general insurance business aspires to provide the best to its consumers and foster strong trust among them.

 

5. Edelweiss General Insurance

 

Edelweiss General Insurance Company was founded in 2016 to enter the non-life insurance market. It is a division of Edelweiss Financial Services Limited, which join the insurance industry with the intention of providing customers with a diverse range of insurance products such as auto insurance, two-wheeler insurance, healthcare insurance, property insurance, accident insurance, construction insurance, loan safeguard cover, motorist based insurance, and insurance schemes.

 

These insurance policies are intended to meet the demands of clients and provide quick and easy solutions.

 

Edelweiss General Insurance Firm Limited is a general insurance company headquartered in Mumbai, India, with 169 employees. With each passing year, its branches and offices spread across the country. 

 

6. TATA AIG General Insurance

 

Tata AIG General Insurance Company Limited is India's largest insurance company. It was founded in 2001 as a joint venture between the Tata Group and the American International Group (AIG). 

 

Over the previous 20 years, the firm has established its foothold in the insurance market by introducing a variety of unique insurance products and services. When it comes to products, the insurance firm has two business verticals: Consumer Lines and Commercial Lines.

 

To fulfil its objective and vision of providing the greatest insurance services in every industry, the firm is extending its market penetration by forming strategic alliances with well-known corporate brands from many sectors. The insurance products offered are supported by the knowledge of several specialists who are devoted to assisting consumers throughout the life of the partnership. 

 

Tata AIG General Insurance Company Limited has built a robust claim team with over 400 in-house professionals scattered over 90 locations around the nation.

 

7. Shriram General Insurance

 

The Shriram General Insurance Company was founded in 1974. Shriram Capital Ltd. and Sanlam Limited have formed a joint venture (South Africa). 

 

IRDAI (Insurance Regulatory and Development Authority of India) granted the general insurance firm a license, and it became IRCTC's favoured insurance partner. Shriram General Insurance's business concept is to serve as many ordinary people as possible.

 

​​Most non-life insurance products are reasonable and feature risk protection, making them popular among clients. Comprehensive Insurance Company operates 209 sites around the country and employs over 60,000 experts who have served over 12 million clients to date. Because of these remarkable results, the firm has become one of India's fastest growing multi-line and non-life insurance companies. 

 

(Must read: Largest Health Insurance Companies in the US)

 

Importance of Insurance 

 

Nothing is more important than your life and your ability to make a living. So it makes good sense to insure your greatest asset – you! - BT Australia

 

General insurance coverage safeguards property against damages caused by fire, theft, accident, earthquake, and other natural disasters. 

 

As a result, both general and life insurance provide protection to help stabilize a company's financial situation and condition. All types of insurance tend to minimize the scope of the societal ills that they are intended to remedy. 

 

Many people in society are rescued by insurance when they become penniless due to catastrophe. The provision for people's old age, disease, and disability in general. Those who have insurance are not a burden on the state insurance plan. The expense of unavoidable disasters is distributed equitably via insurance. This would have been paid haphazardly in the absence of insurance.

 

(Also read: What Are Different Types of Insurance?)