General Insurance Companies
The risk of financial losses due to unavoidable perils is commonly felt by individuals as well as corporates. These financial losses cause a financial strain and so, insurance policies are needed to cover these losses. General insurance policies are available in the market and they cover myriad types of financial risks that you might face.
There are different types of general insurance policies and you can select the different plans based on your coverage needs. For example, a health insurance policy is a must to protect against medical emergencies while motor insurance plans protect against financial liabilities incurred due to your vehicle. Similarly, there are commercial insurance plans that cover the various types of financial liabilities that businesses and corporates face.
The different types of general insurance policies are offered by different general insurance companies. There are more than two dozen general insurance companies out of which four are Government-owned. The rest of the companies are either owned by large conglomerates or they are formed as a joint venture between an Indian and a foreign company.
Let’s have a look at the details of the general insurance companies operating in the Indian insurance sector.
Market Share of General Insurers
Market share determines the share of the market that each insurance company occupies. Here’s a breakup of the market share of general insurers –
(Source: https://www.ibef.org/industry/insurance-sector-india/infographic)
Net Promoter Score of General Insurers
Net Promoter Score (NPS) measures how popular the insurance company is for its customers to recommend it to their peers and family. A high NPS is favourable for insurance companies as it depicts the insurer’s popularity and loyalty among its customers.
Here are the NPS of leading general insurance companies in India –
Choosing the right insurer
With more than 20 general insurance providers in India, choosing the right insurer can be a tough call. You should, therefore, compare the following factors when selecting the right insurance company for your coverage needs –
You should compare the different insurance companies on the afore-mentioned parameters and then make a choice. An ideal insurer should –
- Have a large market share with a good reputation
- Offer effective post-policy and claim servicing
- Charge competitive premiums
- Offer a range of products with comprehensive coverage features
- Have an optimal Incurred Claims Ratio
List of 25 General Insurance Companies in India 2021
At present, there are 25 general insurance companies in India, not including standalone health insurance providers. Here’s a look into these companies, their salient features and their top-selling plans.
1. The National Insurance Company Limited
National Insurance is the oldest non-life insurance company in India, formed in 1906. It is the first insurance company to have pioneered Bancassurance in India.
Top National Insurance Plans:
| National Mediclaim policy | It is a comprehensive health insurance plan which also covers modern and advanced treatments |
| Private Car Annual Package policy | A comprehensive car insurance policy covering third-party liabilities and damages to the insured vehicle and its accessories. |
| Two-wheeler Long term (2 yrs/3 yrs) Package policy | A comprehensive two- wheeler policy which can be brought either for two or three years as per your needs. |
Key Metrics:
- Incurred claim ratio- 105.86%
- Premium starts at Rs.506 onwards
- Solvency ratio – 0.02
2. Acko General Insurance
Acko General Insurance is a reliable general insurance company offering a range of general insurance products and a customer base of over 50 million.
Top Acko Plans:
| Acko Secure Shield policy | Health insurance policy with hospital daily allowance for each continuous and completed period of 24 hours of hospitalization. |
| Comprehensive Bike Insurance plan | A comprehensive bike insurance policy that covers third-party and the damages caused to your own vehicle. |
| Comprehensive Super Saver | Under Comprehensive Super Saver, the insurance company doorstep repair services free of cost. |
Key Metrics:
- Incurred claim ratio- 60.33%
- Premium starts at Rs.506 onwards
- Solvency ratio – 4.24
3. The United India Insurance Company Limited
With 83 years of experience, United India Insurance is one of the most trusted insurance companies in India which provides insurance cover to products ranging from bullock carts to satellites.
Top United India plans
| Private Car Package Policy | Motor Package policy covers damages to the vehicle and/or accessories, third-party damages and also offers the choice of personal accident cover for the owner-driver |
| Two-wheeler Package policy | Two-wheeler Package policy is a comprehensive policy that provides coverage to motorcycle, autocycle, scooter or any other two-wheeler |
| Family Medicare Policy | It is a comprehensive health insurance plan that allows a range of optional coverage benefits for enhanced protection |
Key Metrics:
- Incurred claim ratio- 101.46%
- Premium starts at Rs.506 onwards
- Solvency ratio – 0.30
4. The Oriental Insurance Company Limited
Oriental Insurance is an Indian public sector general insurance company with branches in Kuwait, Nepal and Dubai.
Top Oriental Insurance Plans:
| Happy Family Floater Policy | A Floater Health Insurance policy with three plan options. It provides organ donor benefit and covers newborn baby & maternity expenses. |
| Private Car Package Policy | Private Car Package policy provides wide coverage benefits, both inbuilt and optional |
| Two-wheeler Package Policy | The two-wheeler Package policy comes with a coverage period of one year. There is also a choice of a shorter duration coverage if you need it. |
Key Metrics:
- Incurred claim ratio- 102.34%
- Premium starts at Rs.506 onwards
- Solvency ratio – 0.92
5. The New India Assurance Company Limited
New India Assurance is the largest public sector general insurance provider in India operating both in India as well as in foreign countries.
Top New India Assurance Plans:
| New India Asha Kiran Policy | A unique health insurance policy, the policy offers a 50% premium discount on insuring a girl child besides offering a comprehensive coverage |
| Two-wheeler Package Policy | This comprehensive policy pays for towing charges along with coverage for third party and own damage. |
| Private Car Package Policy | A private Car Package policy is a comprehensive car insurance plan with an option to extend the coverage through optional legal liability to employees among other add-ons |
Key Metrics:
- Incurred claim ratio- 91.43%
- Premium starts at Rs.506 onwards
- Solvency ratio – 2.11
6. Bharti AXA General Insurance Company
Bharti AXA General Insurance is one of India’s largest insurance companies in the private sector. Its motor insurance claim settlement ratio stood at 94.06%.
Top Bharti AXA Plans:
| Bharti AXA Comprehensive Car Insurance | The comprehensive Car insurance policy provides 360-degree coverage to your car with a range of inbuilt and optional coverage features |
| Bharti AXA Comprehensive Two-wheeler Insurance | Comprehensive two-wheeler plans offer extensive coverage and allow cashless repairs at 5200+ garages |
| Health AdvantEdge Insurance | Health AdvantEdge allows cashless treatments at over 45000+ networked hospitals across the country. It also includes vaccination costs for a newborn baby |
Key Metrics:
- Incurred claim ratio- 78.33%
- Premium starts at Rs.506 onwards
- Solvency ratio – 1.63
7. Cholamandalam MS General Insurance Company
Awarded as, ‘The Economic Times Best Brands 2020’, Cholamandalam MS General Insurance recorded a Gross Written Premium (GWP) of Rs.41,026 million in 2018.
Top Cholamandalam MS Plans:
| Comprehensive Car Insurance | Comprehensive car insurance offers overall coverage to your car with a doorstep pickup, repair and drop facility. |
| Comprehensive Bike Insurance | Comprehensive bike insurance covers natural and man-made calamities and also protects your bike against theft. |
| Chola Healthline | Chola Healthline is a health insurance plan with four different plan options and a comprehensive scope of coverage |
Key Metrics:
- Incurred claim ratio- 74.99%
- Premium starts at Rs.506 onwards
- Solvency ratio – 1.58
8. Edelweiss General Insurance Company
Edelweiss General Insurance Company offers a host of insurance solutions in a simplified manner. It offers simple yet comprehensive plans at affordable premiums.
Top Edelweiss Plans:
| Edelweiss Health Insurance | A health insurance plan available in three plan options and the option to cover 8 people in one policy |
| Two-wheeler Long Term Package Insurance | Long-term Package Insurance provides long-term comprehensive protection to your vehicle with an option to enhance its cover with add-ons |
| Private Car Bundled Insurance | Private Car Bundled Insurance policy covers financial losses suffered in an accident and allows priority services at the preferred workshops |
Key Metrics:
- Incurred claim ratio- 114.17%
- Premium starts at Rs.506 onwards
- Solvency ratio – 2.36
9. Bajaj Allianz General Insurance Company
Bajaj Allianz General Insurance is known for its claim and customer service levels. The company has been honoured as,’ The Best Insurance in India 2020’ by IDC Financial Insights Innovation Awards.
Top Bajaj Allianz Plans:
| Long-term Two Wheeler Package Policy | Long-term Two-wheeler Package policy provides two-wheeler insurance cover up to three years with 24× 7 call assistance |
| Private Car Package Policy | Under the Private Car Package policy, you can avail cashless services across 6000+ network garages and on-the-spot settlement through Caringly Yours App. |
| Health Infinity Plan | Health Infinity is a health insurance plan which does not impose a limit on the sum insured and gives you a per day room rent options |
Key Metrics:
- Incurred claim ratio- 70.74%
- Premium starts at Rs.506 onwards
- Solvency ratio – 2.54
10. Go-Digit General Insurance
With a motor Insurance claim settlement ratio of 97% up to March 2020, Go-Digit General Insurance has been awarded as ‘Asia General Insurance Company of the Year 2019.’
Top Go-Digit Plans:
| Digit Health Care Plus policy | Digit Health Care Plus policy is a family floater policy with no room rent restriction and no age-based co- payment. |
| Comprehensive Bike Insurance | Comprehensive Bike Insurance offers a very quick and paperless claim through a smartphone-enabled self-inspection process. |
| Comprehensive Car Insurance | Go-Digit Comprehensive Car Insurance covers accident, fire, natural disasters, theft, third-party losses and personal accident with cashless facilities across 1400+ garages. |
Key Metrics:
- Incurred claim ratio- 75%
- Premium starts at Rs.506 onwards
- Solvency ratio – 3.24
11. Future Generali India Insurance Company
Future Generali offers comprehensive solutions to the customers and enterprises through commercial, rural and personal insurance solutions.
Top Future Generali Plans:
| Health Super Saver | Health Super Saver is a health insurance product with two plan options, available as individual and floater plan. |
| Future Motor Secure | A comprehensive motor insurance solution with hassle-free claim settlement, towing assistance and cashless facility across 1000+ garages pan India |
| Future Secure Motor Insurance for Private Car | This comprehensive car insurance policy provides quick turnaround time and the total liability of service with automatic renewal reminders |
Key Metrics:
- Incurred claim ratio- 59.66%
- Premium starts at Rs.506 onwards
- Solvency ratio – 1.51
12. ICICI Lombard General Insurance Company
ICICI Lombard General Insurance is an emerging insurance company that has expanded its presence all over the country and provides instant insurance solutions through its Insure App.
Top ICICI Lombard Plans:
| Private Car Package Policy | Private Car Package policy not only covers the cost incurred on damages to a third party but also on damages suffered by your car. |
| ICICI Lombard Complete Health Insurance Policy | It is a comprehensive health insurance policy with no limits on the room rent and no pre-medical checks till 40 years of age |
| Two-wheeler Package Policy | The Two-wheeler Package policy is a comprehensive insurance policy that covers electrical and non-electrical accessories of your two-wheeler at a little extra premium. |
Key Metrics:
- Incurred claim ratio- 72.86%
- Premium starts at Rs.506 onwards
- Solvency ratio – 2.17
13. HDFC Ergo General Insurance
HDFC Ergo is the third-largest private sector general insurance company having 8,000+ cashless network garages and 10,000+ cashless network hospitals.
Top HDFC Ergo Plans:
| Easy Health Family | Easy Health Family is a family health insurance policy that is available in three variants with multiple sum insured options |
| Single-year Comprehensive Car Insurance | Private Car Insurance provides comprehensive benefits with overnight repair services backed by a network of 7700 + authorized workshops. |
| Multi-year Comprehensive Two-wheeler Insurance | It is a comprehensive two-wheeler policy in which you can choose the tenure for one, two or three years. |
Key Metrics:
- Incurred claim ratio- 77.20%
- Premium starts at Rs.506 onwards
- Solvency ratio – 1.89
14. IFFCO Tokio General Insurance Company
With an excellent claim settlement ratio of 92.65% for motor insurance, IFFCO Tokio General Insurance is one of the most trusted and leading insurance companies in India.
Top IFFCO Tokio Plans:
| Private Car Comprehensive Insurance policy | The private Car Insurance policy covers third-party losses, personal accident, natural disasters, fire, theft and CNG LPG fuel kit. |
| Comprehensive Bike Insurance policy | Comprehensive Bike Insurance covers both man-made and natural calamities and allows you to include add-ons for enhanced coverage. |
| Family Health Protector policy | Family Health Insurance policy covers both inpatient and OPD medical expenses with the cashless facility at 6400+ network hospitals. |
Key Metrics:
- Incurred claim ratio- 88.61%
- Premium starts at Rs.506 onwards
- Solvency ratio – 1.58
15. Magma HDI General Insurance Company
Magma HDI General Insurance is one of the fastest ever growing insurance companies in India with a claim settlement ratio of 91.85% for the financial year 2018-19.
Top Magma HDI Plans:
| One Health | This health plan is available both as an individual or family floater option with 5 plan options to choose from. |
| Private Car Insurance Package policy | Private Car Insurance Package policy covers damages caused to your car or any third-party liability arising out of an accident. |
| Two-wheeler Insurance Package policy | Two-wheeler Insurance package policy provides 360-degree complete protection to your vehicle with multiple optional motor add-ons at an extra premium |
Key Metrics:
- Incurred claim ratio- 84.35%
- Premium starts at Rs.506 onwards
- Solvency ratio – 1.71
16. Kotak Mahindra General Insurance Company
An established insurance company in India, Kotak Mahindra has been awarded ‘Marketer Company of the Year’ in India Insurance Summit Awards, 2020.
Top Kotak Mahindra Plans:
| Kotak Health Care | A health insurance plan with a range of inbuilt and optional coverage benefits and free annual health check-ups |
| Kotak Car Secure | A comprehensive plan with cashless car service across 1000+ garages and towing facility to the nearest garage without additional cost |
| Kotak Long-term Two-wheeler Secure | It is a comprehensive insurance policy with triple cover benefits
which includes loss or damage cover, liability to third-party and optional personal accident cover for owner-driver |
Key Metrics:
- Incurred claim ratio-68.80%
- Premium starts at Rs.506 onwards
- Solvency ratio – 2.13
17. Raheja QBE General Insurance Company
Raheja QBE offers a range of general insurance plans and highly adaptable insurance services with a wide network of 5000+ hospitals and 1300+ garages.
Top Raheja QBE Plans:
| Private Car Policy Bundled | This car insurance policy provides one year of own damage and five years of third-party liability coverage. |
| Two-wheeler Package policy | This policy covers your vehicle against losses or damages due to theft, accident and natural calamities in addition to third-party liability. |
| Health QuBE comprehensive plan | Health QuBE Comprehensive plan provides the benefits of basic health insurance without sub-limits for ICU charges, room rent, etc. |
Key Metrics:
- Incurred claim ratio- 75.19%
- Premium starts at Rs.506 onwards
- Solvency ratio – 2.46
18. Liberty General Insurance
Liberty General Insurance is India’s one of most trusted general insurance companies with a claim settlement ratio of 94% for the financial year 2019-20.
Top Liberty Plans:
| Two-wheeler Multi-year policy | It is a unique motor insurance product that offers long-term coverage for an extended period of two to three years for your two-wheeler |
| Car Insurance Package policy | Car Insurance Package policy is a comprehensive insurance plan with cashless claim service at more than 4300+ network garages. |
| Liberty Health Connect policy | Health Connect policy has four coverage schemes that offer optimum health coverage and attractive renewal benefits. |
Key Metrics:
- Incurred claim ratio- 72.42%
- Premium starts at Rs.506 onwards
- Solvency ratio – 2.18
19. Tata AIG General Insurance Company
Tata AIG General Insurance has grown strongly and it had an asset base of INR 10,050 crore as of 31st March 2019.
Top Tata AIG plans:
| Wellsurance Family policy | A comprehensive health insurance plan that provides critical illness cover, daily cash allowances for up to 90 days along with other value-added services |
| Auto Secure Private car | This car insurance policy provides accidental damage and theft cover along with optional zero depreciation cover with a cashless facility across 7500+ network garages |
| 5 years Long-term Two-wheeler Package policy | A comprehensive bike insurance plan can be availed for the tenure of 5 years. |
Key Metrics:
- Incurred claim ratio- 77.44%
- Premium starts at Rs.506 onwards
- Solvency ratio – 1.84
20. Navi General Insurance
Having a claim settlement ratio of 97% for health claims as of 28th Feb 2021, Navi General Insurance is one of the fastest-growing insurance companies in India.
Top Navi Plans:
| Navi Cure | Navi Cure is a health insurance plan which can be bought instantly within 2 minutes and offers wide coverage of 20+ benefits and cashless treatments at 10,000+ hospitals. |
| COCORide Long-term Two-wheeler Package policy | With Long- term Two-wheeler Package policy, you can comprehensive protection for your vehicle for a period of two or three years |
| COCODrive Private Car Package Policy | It is a comprehensive car insurance policy that covers third party liabilities as well as the damages suffered by your own car |
Key Metrics:
- Incurred claim ratio- 66.52%
- Premium starts at Rs.506 onwards
- Solvency ratio – 3.35
21. Universal Sompo General Insurance Company
Universal Sompo General Insurance offers innovative insurance products catering to rural, retail, SME and corporate customer segments.
Top Universal Sompo Plans:
| Complete Health Care Insurance | Complete Health Care Insurance offers 3 comprehensive plans to choose from as per your requirements with the added benefit of OPD coverage |
| Motor Private Car | Motor Private Car is a package policy which provides all-round protection to your car |
| Two-wheeler Long-term Package policy | As the name suggests, two-wheeler long-term package policy provides coverage for two or three years at one time without the hassle of yearly renewals |
Key Metrics:
- Incurred claim ratio-73.41%
- Premium starts at Rs.506 onwards
- Solvency ratio – 2.28
22. Reliance General Insurance Company
Being awarded as ‘The Best Brand of the Year (Insurance)’ by the Economic Times Best Brand for the year 2020, Reliance General Insurance is a leading insurance company in India.
Top Reliance Plans:
| Health Gain policy | Health Gain is a health insurance policy with benefits such as the reinstatement of base sum insured, cashless hospitalization in 7300+ hospitals and numerous other add-on features. |
| Long-term two-wheeler Insurance | It is a 3-year package insurance policy that offers all the benefits of a comprehensive policy without the requirement of annual renewals |
| Comprehensive Car Insurance | It is a package policy that protects you and your vehicle against a number of risks along with third-party liability. |
Key Metrics:
- Incurred claim ratio- 83.65%
- Premium starts at Rs.506 onwards
- Solvency ratio – 1.52
23. SBI General Insurance Company
Backed by the largest banking and financial services company, State Bank of India, SBI General Insurance is the fastest-growing insurance company in the country rated ‘iAAA’ by ICRA Limited.
Top SBI Plans:
| Arogya Premier | Arogya Premier is a health insurance plan loaded with benefits such as cumulative bonus, AYUSH cover, domiciliary Hospitalization, 141 daycare expenses and no medical check-up up to 55 years. |
| Two-wheeler Insurance | Two-wheeler insurance comes with unique features and benefits with two add-on options for enhanced coverage. |
| Private Car Insurance | Private car insurance provides compulsory third-party liability with your own damage cover for your car. |
Key Metrics:
- Incurred claim ratio- 71.12%
- Premium starts at Rs.506 onwards
- Solvency ratio – 2.27
24. Royal Sundaram General Insurance Company
Royal Sundaram General Insurance is India’s first private sector general insurance company to be licenced in the year 2000 by IRDAI.
Top Royal Sundaram Plans:
| Car Shield | Car Shield is a comprehensive package policy that provides loss or damage protection to your car along with unlimited liability for third-party claims |
| Family Plus | Family Plus is a unique health insurance policy with inbuilt maternity benefit for up to two deliveries and a combination of individual + floater sum assured. |
| Two-wheeler Long-term Insurance policy | Two-wheeler long term insurance policy provides coverage for up to three years at once |
Key Metrics:
- Incurred claim ratio- 85.03%
- Premium starts at Rs.506 onwards
- Solvency ratio – 1.69
25. Shriram General Insurance Company
Shriram General Insurance Company was awarded ‘The Best General Insurance Company of the Year, 2019’ and is a leading name in the general insurance sector.
Top Shriram plans:
| Car Insurance Package policy | Car insurance package policy provides coverage for third party liabilities as well as the damages suffered by your car. |
| Long term Bike Insurance policy | Long term bike insurance policy is available to cover your vehicle for two years, three years and five years in one go to combat the hassle of yearly renewals. |
| Individual Travel Insurance | Individual travel insurance offers three plans to choose from based on your requirements with wide coverage benefits. |
Key Metrics:
- Incurred claim ratio- 65.04%
- Premium starts at Rs.506 onwards
- Solvency ratio – 3.67
So, compare the general insurance plans across different companies and then choose an insurer that offers the best benefits at the most competitive premium rates.
General Insurance Companies FAQs:
Who regulates privately-owned general insurance companies?
The insurance sector in India is regulated by the Insurance Regulatory and Development Authority of India (IRDAI). The IRDAI regulates all insurance companies, whether held by the Government or by private entities.
How much FDI is allowed in the case of joint ventures with foreign entities?
International companies can own up to 74% of the stakes of an insurance company, whether life or general insurance. Thus, FDI of up to 74% stake in an insurance company is allowed in India.
How many Government-owned general insurance companies are operating in India?
There are four Government-owned general insurance companies operating in India. They are The New India Assurance Company, The United India Insurance Company, The Oriental Insurance Company, and The National Insurance Company.
What is the meaning of the solvency ratio?
The solvency ratio measures the financial stability of an insurance company. It measures the financial capacity of the company to meet its claims. IRDAI directs insurance companies to maintain a minimum ratio of 150% or 1.5 for ease of paying claims. The ratio is calculated as the ratio of the Available Solvency Margin (ASM) to the Required Solvency Margin (RSM). ASM is the excess of assets over the insurer’s liabilities. The RSM is calculated using the net premiums earned by the company as per IRDAI’s guidelines.
What is Incurred Claims Ratio?
General insurance companies are measured by their Incurred Claims Ratio. The ratio measures the percentage of claims incurred and paid by the general insurance company against the premium collected in a financial year. A ratio exceeding 100% shows that the company is paying more in claims compared to the premiums earned. A very low ratio indicates that either the company is not incurring considerable claims or it is charging very high premiums. You should check the ICR of the general insurance company and choose a company that has an ICR ranging between 60% and 80%.
Can I buy general insurance policies from multiple insurers?
Yes, you can buy general insurance policies from as many insurers as you want. There is no restriction on owning insurance plans as well as on the number of insurers that you choose for your insurance needs.
Can I change my general insurance provider?
Yes, you can switch insurers through porting. Portability is allowed under all general insurance policies and it is free of cost. You can request for porting at least days before the renewal date and port to another policy offered by another insurance company easily.