Top 10 General Insurance Companies in India 2022-23

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8 min read

Updated on Jan 16, 2023

With the rising inflation in the country, having an active insurance policy with good coverage has become imperative for most of us. It protects us from the risk of incurring losses in event of the untimely death of a family member, a medical emergency, damage or theft of a vehicle, etc. There are several advantages of having an insurance policy for managing the many risks in our lives.

Also Read: Best Health Insurance Company in India as Per CSR 2022-23

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What is General Insurance?

General insurance refers to a range of non-life insurance products that can help us protect our assets against monetary losses or unexpected expenses. A wide range of insurance policies that can protect our properties such as houses, shops, and vehicles, as well as health insurance policies can all be categorized as general insurance. General insurance provides coverage only for a particular period such as annual plans.

Importance of General Insurance

The key benefit of having any kind of insurance policy is the coverage against losses or risks. Several valuable things matter to us, and we may wish to safeguard these against any loss. General insurance policies can help you do that by providing coverage in case of theft, accident, medical emergencies, hospitalization, damage to property, and other eventualities.

Types of General Insurance

Depending on the asset that the general insurance policy is providing coverage for, there can be several different types of policies. Here are some of the common general insurance types.

  • Motor Insurance
  • Home Insurance
  • Health Insurance
  • Travel Insurance
  • Mobile Insurance
  • Agricultural Insurance
  • Commercial Insurance
  • Employee benefit Insurance
  • Marine Insurance

Also Read: Top 10 Largest Insurance Brokers in India 2022-23

10 Best General Insurance Companies in India 2022-23

  1. Bajaj Allianz General Insurance Comapny
  2. Bharti AXA General Insurance Company
  3. Cholamandalam MS General Insurance Company
  4. Future Generali India Insurance Company
  5. HDFC ERGO General Insurance Company
  6. ICICI Lombard General Insurance Company
  7. IFFCO TOKIO General Insurance Company
  8. Kotak Mahindra General Insurance Company
  9. Liberty General Insurance Company
  10. Magma HDI General Insurance Company

How to Choose the Best General Insurance Company in India 2022-23?

You can consider some key parameters when selecting a General Insurance provider which can minimize the chances of any risk of the company not fulfilling their promises. Here are some of the parameters to consider.

  • Claim Settlement Ratio
  • Claim Processing time
  • Sound financial standing of the company
  • Market reputation of the company
  • Customer Service Responsiveness
  • Net Promoter Score or NPS
  • Tax benefits with General Insurance Policies

General Insurance policies that offer medical or health insurance can also help the policyholders in saving taxes. Medical insurance policy premiums are eligible for deduction from your total income under section 80D of the Income Tax Act. You can claim up to INR 15,000 under the premium for your health insurance plan and you can also extend it another 20,000 for the premium paid for health insurance plans of senior citizens.

Also Read: Keyman Insurance Policy – A Detailed Guide

10 Top-Listed General Insurance Companies in India:

1. Bajaj Allianz General Insurance Comapny

This is the first name that needs to be taken in this particular context. The company is reputed to keep its customers at the center of all the work that it does as a business organization. It is also active in more than 200 cities across the country. It has a network of 4000 garages as part of its cashless services where you can get cashless claim settlement.       

2. Bharti AXA General Insurance Company

When you think of the top general insurance companies list this is one name that comes to mind immediately. The company started to work in 2008 and ever since it has established a firm grip on the general insurance industry as a whole. It is known for selling car insurance plans with a diverse array of add-on covers. It has at least 4500 cashless garages in its network across the country where you get quick cashless claim settlement.

3. Cholamandalam MS General Insurance Company

This is one of the best among all general insurance companies in India for sure. It has 104 branches across the country along with over 8800 advisory networks. It caters to 90 lakh people. When it comes to claim settlement it has an impressive record with two lakh claims settled each year!

4. Future Generali India Insurance Company

It was in 2007 that the organization started its operations. Ever since it has confirmed its position as one of the top general insurance company names in India. It has at least 130 offices across the country and there are over 2500 garages in its cashless network. This has helped it settle at least 16.7 lakh claims to date.

5. HDFC ERGO General Insurance Company 

When you compile a top list of general insurance companies this is one name that you have to put in there for sure. In any case, HDFC ERGO is a name to be reckoned with in the entire general insurance industry as such. It has won several prestigious awards such as ICRA (Investment Information and Credit Rating Agency) and IAAA ratings. It is well known for the high-quality support that it offers to its customers.

Buying a policy from them is absolutely hassle-free and the same goes for renewal as well. Also, it has over 6800 garages in its cashless network.

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6. ICICI Lombard General Insurance Company

No best list of general insurance companies in India is complete without this particular insurer. In 2019 fiscal it settled 93.14% of the claims that came its way. In most of these cases, the claims were settled within 30 days of filing them. In its network, you have over 7800 cashless garages where you can avail of cashless claim settlement services. This is the highest among all car insurers in India.

7. IFFCO TOKIO General Insurance Company

It is hard to imagine a list of the best general insurance companies in India without this name. The company boasts of a huge portfolio of insurance policies and it also offers a high amount of add-on coverage options. It has at least 4300 cashless garages all around the country. Here you can get a cashless claim settlement in a short time.

8. Kotak Mahindra General Insurance Company

The company was incorporated back in 2014 and ever since it has been on the top general insurance company name list in India. It has established itself as a name to be reckoned with in the general insurance industry. It offers all sorts of car insurance policies to its customers along with facilities such as premium protection.

9. Liberty General Insurance Company

This is also there on the top vehicle insurance companies list. It is firmly entrenched across 20 cities in India and also boasts of a huge network of 3500 garages as part of its cashless network. As such, it can be said that it does have a considerable presence in the general insurance sector of the country. You can buy its policies online as well as from the branches.

10. Magma HDI General Insurance Company

If you think of all the general insurance companies in India this one ranks right up there. It was formed in 2009 when Magma Fincorp Limited collaborated with HDI-Gerling Industrie Versicherung AG. It now has five zonal offices as well as 135 branches across the country. Apart from the urban locations, the company also enjoys a considerable presence in rural areas.

Also Read: Best Car Insurance Companies in India 2022-23 with CSR

Top General Insurance Companies in India 2022-23 from the Public Sector

Top Public Sector General Insurance Companies Founding Year Headquarter
National Insurance Company Limited 5 December 1906 Kolkata
New India Assurance Company Limited 23 July 1919 Mumbai
Oriental Insurance Company Limited 12 September 1947 New Delhi
United India Insurance Company Limited 18 February 1938 Chennai

Top General Insurance Companies in India 2022-23 from the Private Sector

Top Private Sector General Insurance Companies Founding Year Headquarter
Bajaj Allianz General Insurance Co.Ltd. 2000 Pune
Bharti AXA General Insurance Co.Ltd. 2007 Bengaluru
Cholamandalam MS General Insurance Co.Ltd 2001 Chennai
Future Generali India Insurance Co. Ltd. 2000 Mumbai
HDFC ERGO General Insurance Co. Ltd. 2002 Mumbai
ICICI Lombard General Insurance Co. Ltd. 2001 Mumbai
IFFCO TOKIO General Insurance Co. Ltd. 2000 Gurugram
Kotak Mahindra General Insurance Co. Ltd. 2015 Mumbai
Liberty General Insurance Co. Ltd. 2013 Mumbai
Magma HDI General Insurance Co. Ltd. 2009 Mumbai

Conclusion

In a nutshell, it can be said that the above-mentioned list should provide you with a good indication regarding the general insurers that you should choose, especially when you are trying to insure your car. When you are buying a car insurance plan make sure that you do so online since you can get the work done in a shorter span. Also, it is easier to compare these policies online and thus make the right decision for yourself in this context. The most important factors, in this case, are the quotes that they would offer and the cashless garages in their network.

These days, you also have tools such as a premium calculator that you can use before you renew your car insurance. You must also remember that there are various types of car insurance policies in India in terms of the coverage that they offer. The most prominent options, in this case, are the third-party, standalone own damage cover, and comprehensive insurance policies.

Top 10 General Insurance Company in India

Also Read: Why Would it be Wrong to Look at Insurance as a Mere Tax Saving Tool?

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FAQs: Top General Insurance Companies of Public and Private Sector in India 2022-23

What do you mean by general insurance company?

A General Insurance Company is one that does not come under the domain of life insurance. The different types of general insurances available include, motor, fire, marine, etc. which come under the wing of miscellaneous non-life insurance.

What are the 3 main types of insurance?

The three main types of General Insurance in India are Health Insurance, Motor Insurance and Life Insurance.

What is the difference between life insurance and general insurance?

Life Insurance offers coverage for a person's life, whereas General Insurance allows coverage to other things like assets. For example, health insurance, Motor Insurance, Travel Insurance and Home Insurance etc.

Which are the major general insurance private sector companies in India?

Below are some of the key General Insurance companies in India in the private sector:

Aditya Birla Health Insurance Co. Ltd.
Bajaj Allianz General Insurance Co. Ltd.
Bharti AXA General Insurance Co. Ltd.
Cholamandalam General Insurance Co.
Future Generali India Insurance Co.
HDFC ERGO General Insurance Co.
ICICI Lombard General Insurance Co.
IFFCO-Tokio General Insurance Co.

Which general insurance company is best in india?

It is difficult to say which general insurance company is the best in India as it can vary based on individual needs and preferences. However, some of the top general insurance companies in India include:

#1 New India Assurance
#2 ICICI Lombard
#3 HDFC ERGO
#4 Bajaj Allianz
#5 SBI General Insurance

It is recommended to compare policies and services from different companies to determine which one is the best fit for you. It is also important to check the claims settlement ratio, financial strength and customer service of the company before buying insurance from them.

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May 18, 2022
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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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