General Insurance Companies Of India
Following is the list of insurance companies in india which have been approved by the insurance regulatory and development authority of india irdai which is a statutory body regulating and promoting the insurance and re insurance industries in india.
General insurance companies of india. The company has a gross written premium gwp of rs 147 89 billion fy 2019. As a result most of the general insurance companies in india have recognized this opportunity beforehand and have introduced attractive features in their policies to attract customers. There are 34 general insurance companies in india. In the future as well it is expected to progress at a high scale.
Of these 05 companies are standalone health insurance companies. Updated list of top 10 best general insurance companies in india to buy insurance plans 1. Icici lombard general insurance company limited is one of the leading private sector general insurance companies in india. Insurance sector has shown tremendous growth in the recent years.
Gic re or gic of india is a state owned enterprise in india it was incorporated on 22 november 1972 under companies act 1956. This multinational company is solely owned by the government and is the biggest in the public sector market. New india assurance company limited. One of the leading fmgc companies of india and sompo japan nipponkoa a private japanese insurance company based out in tokyo.
It is the largest general insurance company of india on the basis of gross premium collected including its overseas operation. Hdfc ergo general insurance. Is a private public joint venture between three public sector banks namely indian overseas bank iob allahabad bank and karnataka bank. The general insurance sector has 06 public sector undertakings and rest are in private sector.
Universal sompo general insurance company ltd. Out of 30 general insurers 4 are public insurance companies 6 standalone health insurers 18 mainstream private general insurance companies and remaining 2specialized. The firm offers policy insurance and renewal through its intermediaries and website. Earlier only two insurance companies were there in india life insurance corporation of india lic and general insurance corporation of india gic.
For retail sector products are health motor personal accident travel etc. Hdfc ergo is a joint venture of hdfc ltd of india ergo international ag based in munich. Gic re has its registered office and headquarters in mumbai it was the sole reinsurance company in the indian insurance market until the insurance market was open to foreign reinsurance players by late 2016 including companies from germany switzerland and france. General insurance business in india comprise of 30 general insurance companies presently offering non life insurance products like health insurance motor insurance home insurance travel insurance fire insurance etc.
Four of the public sector general insurers carry on multiline operations whereas two ecgc and aic are specialised companies. New india assurance company limited.
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