Top 10 Largest Insurance Brokers in India 2022


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List of Top Insurance Brokers in India 2022

The insurance brokers are those who represent you as a customer and possess the license to provide your policy from any insurance company whatsoever. Nowadays, you can easily avail insurance brokers online. They guide you along to determine what works best for you and receive a brokerage fee from the concerned company, whose plan you finally purchase. It acts as an intermediary between the insurance company and the customer. There are several insurance broking companies in India. You can compare insurance brokers in India to choose the best for you. 

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List of Top 10 IRDA Insurance Brokers or Insurance Broking Companies in India

According to the IRDAI status dated 30th September 2021, the top ten insurance brokers (insurance broking companies) in India are as follows:

1. MIBL or Mahindra Insurance Brokers Ltd.

Mahindra Insurance Brokers Ltd. is a subsidiary company of Mahindra & Mahindra Financial Services Ltd. It has been awarded the ISO 9001:2015 Certification on the basis of its QMS or Quality Management Systems. It thrives to provide additional value to all its customers and users by providing adequate knowledge and innovative solutions to cater to their needs in a customized manner in order to provide complete customer satisfaction.

2. India Insure Risk Management and Insurance Broking Services Pvt. Ltd

India Insure Risk Management and Insurance Broking Services Pvt. Ltd Certified as an ISO 9001:2008 company, it maintains a PAN India presence with nine offices across the nation. With a team of around 100 employees, it has served over 3000 customers, handled 20000 million premiums, 30000 corporate insurance policies, and 18000 non-health claims. 

Know More: Best Car Insurance Brokers – Companies in India

3. ACME Insurance Broking Services Pvt. Ltd.

Being duly incorporated, registered, and incorporated as a non-government company, it has been in operation since 2000. Based on its performance, IRDAI upgraded it to a Composite Insurance Broking House back in 2006. Over the years, it has received several prestigious awards for its outstanding performance. 

4. Bharat Re-insurance Brokers Pvt. Ltd.

This company has established itself as a pioneer in claims management and insurance consultation. The Direct Broking division of the company offers excellent insurance and risk management services essential for the country’s commercial businesses.  

5. Helios Insurance Broking Services Pvt. Ltd. 

Helios Insurance Broking Services Pvt. Ltd Promoted by efficient and dedicated professionals of the USA and India, it offers one of the best risk management services in the country. It is one of the first companies of the genre to be licensed by the IRDA. 

6. First Policy Insurance Brokers Pvt. Ltd.

This is one of the primary eleven companies of the genre in the country. The unique conglomeration of expert professionals of diverse fields, including marketing, engineering, finance, insurance, etc, is the key to its success. 

7. Excellent Insurance Broking Services Limited

Originally founded as Expert healthcare Management Services Limited in 1999, IRDAI licensed it as a Direct Broker in 2003. 

8. K.M. Dastur Reinsurance Brokers Pvt. Ltd.

K.M. Dastur Reinsurance Brokers Pvt. Ltd originally founded in 1973, it has gradually established itself as an expert in reinsurance and risk management. It houses over 500 dedicated expert professionals to ensure they offer the best services. 

9. Unicorn Insurance Brokers Pvt. Ltd.

Unicorn Insurance Brokers Pvt. Ltd.- Proud to be the first licensee in north India, it has been operational since 2002. It has grown to be one of the best risk management and broking companies in India.

10. Tower Insurance and Reinsurance Brokers (India) Pvt. Ltd.

Tower Insurance and Reinsurance Brokers (India) Pvt. Ltd.- Founded in 1979, it has been acting as an independent reinsurance broking firm since 1999. It has significant contributions to the aviation insurance sector.

 You can consult insurance brokers online to rest assured that you receive the best of the services and proper expert guidance. 

Who is a Car or Auto Insurance Broker?

As you read above – a car/auto insurance broker is one who represent you as a customer and possess the license to provide your policy from any car insurance company. Nowadays, you can easily avail four-wheeler insurance online from any auto insurance brokers.

15 Best Auto/Car Insurance Broker Companies in India 2022

Find below the top 15 four-wheeler insurance companies in India 2022 along-with their claim settlement ratio (CSR) & network garages.

Car Insurance Brokers Company Motor OD Claim Settlement Ratio FY20 Network Garages
Royal Sundaram General Insurance 92.66% 4,600+
HDFC ERGO General Insurance 91.23% 6,800+
Universal Sompo General Insurance 90.78% 3,500+
Tata AIG General Insurance 90.49% 5,000+
The New India Assurance 89.60% 3,000+
SBI General Insurance 89.51% 16,000+
Bajaj Allianz General Insurance 88.83% 4,000+
Future Generali India Insurance 88.69% 2,500+
ICICI Lombard General Insurance 87.71% 5,600+
Liberty General Insurance 98% 4,300+
National Insurance Company 85.71% 3,100+
Reliance General Insurance 84.26% 3,800+
Go Digit General Insurance 80.47% 1,400+
Magma HDI General Insurance 79.60% 4,000+

14 Best Term Life Insurance Companies in India 2022

Find below the top 14 Life Insurance companies in India 2022

Sr. no Life Insurance Company Claim Settlement Ratio 2021-22
1 Max Life Insurance 99.35%
2 Aegon Life Insurance 99.25%
3 Bharti Axa Life Insurance 99.05%
4 Exide Life Insurance 98.54%
5 Kotak Life Insurance 98.50%
6 Bajaj Allianz Life Insurance 98.48%
7 PNB MetLife Insurance 98.17%
8 Tata AIA Life Insurance 98.02%
9 HDFC Life Insurance 98.01%
10 ICICI Prudential Life Insurance 97.90%
11 Aditya Birla Sun Life Insurance 98.04%
12 Canara HSBC Life Insurance 97.10%
13 Edelweiss Tokio Life Insurance 97.01%
14 IndiaFirst Life Insurance 96.81%

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

Also Read: Top 10 Car Insurance Companies in India 2022

Also Read: Which Insurance Company Provides The Cheapest Car Insurance In India?

FAQs Related to Top Insurance Brokers in India 2022

Who is an Insurance Broker?

An insurance broker is an expert who work closely with you and represent you as a consumer in your
search for the most suitable policy as per your needs.

Who is the best insurance broker in India?

There are numerous good insurance brokers in India. Five top brokers are mentioned here:

· MIBL or Mahindra Insurance Brokers Ltd.
· India Insure Risk Management and Insurance Broking Services Pvt. Ltd
· ACME Insurance Broking Services Pvt. Ltd.
· Bharat Re-insurance Brokers Pvt. Ltd.
· Helios Insurance Broking Services Pvt. Ltd.

How many types of insurance brokers are there?

There are five different categories of insurance broker in India, namely: Direct Broker (Life),
Direct Broker (General), Direct Broker (Life & General), Reinsurance Broker and
Composite Broker.

What is the difference between an insurance agent and insurance broker?

An insurance agent represents a single organization or company, and they deal in selling lined up
products of their company, whereas, an insurance brokers generally deal in different insurance
products offered by different companies that are available in the market.

How to choose an insurance broker?

The best way to choose an insurance broker is to seek details from 5-6 brokers and know about
their features or capabilities in detail through a presentation. Once you are convinced with the
services of a broker, you can have exclusive interaction so as to make your selection.

What are the duties of an insurance broker?

An insurance broker is a professional in managing risk and insurance. Among the many duties of an insurance broker include:

• To work on behalf of their clients and advice them to suit their interest.
• To recognize your individual and/or business risks
• To help client in managing the identified risks and to help them to know what to insure


Nov 22, 2021
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PayBima Team
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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