Tata AIG General Insurance Company Ltd

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Tata AIG General Insurance Company Ltd- Overview

Tata AIG General Insurance Company Ltd is also referred to as Tata AIG General. It is a joint venture of the Tata Group and the American International Group. The company is a combination of the leadership status enjoyed by Tata Group in India and AIG’s global standing as a top provider of financial and insurance services.

74 percent of Tata AIG’s shares are owned by the Tata Group and the American International Group owns the rest. The insurer initiated its business in India from January 22, 2001.

The organization caters to both institutional and individual clients offering a diverse range of general insurance solutions such as the following:

  • Automobile
  • Marine
  • Home
  • Property
  • Personal accident
  • Casualty
  • Travel
  • Specialized financial products
  • Energy

The products and services of Tata AIG General are available through the following channels:

  • Agents
  • Banks
  • Brokers
  • Direct channels such as telemarketing, worksite, and digital marketing

Following are some of the awards recently won by Tata AIG:

  • Best Non-Urban Coverage Award 2012 at Indian Insurance Awards 2012
  • 5th position in Business Today Survey
  • Claims Service Company of the Year Award 2012 at Indian Insurance Awards 2012

Tata AIG General Insurance Financial Details

The following table shows the profit and loss details of the insurer for the first quarter of 2012-13:

Domain Figures in INR thousands
Operating profit/(loss) from fire insurance 159,312
Operating profit/(loss) from marine insurance 69,066
Operating profit/(loss) from miscellaneous insurance 57,714
Income from interest, rent, and dividend – gross 122,226
Profit accrued from selling investments 6,216
Income from claims service fees 1,254
Profit/(loss) before tax 401,262
Profit/(loss) after tax 267,884
Balance taken forward to balance sheet 244,095

Tata AIG General Insurance Products and Services

Tata AIG enjoys a pan Indian presence with its head offices in Mumbai and its management team is headed by Gaurav D Garg who acts as the MD and CEO.The products and services of Tata AIG may be enumerated as below:

  • Motor Insurance – Private Car Insurance, Commercial Vehicle Insurance, and Two Wheeler Insurance
  • Travel Insurance – Overseas Travel Insurance, Student Travel Insurance, and Domestic Travel Insurance
  • Health and Accident Insurance – MediPrime, Secured Income Plan, Wellsurance Executive, Secured Future Plan, Wellsurance Family, Maharaksha Personal Injury Plan, Wellsurance Woman, Individual Accident & Sickness Hospital Cash, Accident Guard, Criticare – Critical Illness Cover, and Income Guard
  • Home Insurance – Insta choice, Home Coupon, Home Secure Supreme, and India Fire – Fire & Special Perils
  • Lifestyle Insurance – Personal Identity Protection (Identity Theft Cover, ATM Assault and Robbery, Fraudulent Charges Cover, and Lost Wallet), Product Protection (Price Protection Cover, Key Replacement Cover, and Purchase Protection Cover), and Personal Travel Protection (Home Protection While You Are Away Cover, Tata AIG Personal Trip Liability, and Personal Trip Effects Cover)
Small Business
  • Office Insurance
  • Educational Institutes Insurance
  • Shop Insurance
  • Hotel and Restaurant Insurance
  • Housing Society Insurance
  • Package
  • Motor Insurance – Tata AIG Corporate Fleet Program
  • Health & Accident Insurance – Group Multi Guard and Group Personal Accident
  • Travel Insurance – Small Business Travel Accident and Business Travel Accident
  • Fire and Engineering Insurance – Standard Fire and Special Perils Policy, Boiler and Machinery, Contractors All Risks/Erections All Risk Insurance, Consequential Loss (Fire), and Industrial All Risks Insurance

  • Marine Cargo - Marine Insurance Open Policy, Marine Insurance Sales Turnover Policy, Marine Insurance Specific Policy, Innovative Marine Solutions (Multinational Cargo Transport Program, Marine Loss Control, and eMarine)
  • Financial Lines - Directors and Officers Liability Insurance (D&O), Public Offering of Securities Insurance (POSI), Professional Indemnity Errors and Omissions Insurance (PI/E&O), and Crime/Fidelity Insurance
  • Casualty - Public General Liability, Contaminated Product Insurance, Product Liability, Kidnap and Ransom Extortion Insurance, Commercial General Liability, Pollution Legal Liability, Workmen’s Compensation Policy, Product Recall, and Excess/ Umbrella Liability Policy
  • Motor Insurance
  • Livestock (Cattle) Insurance
  • Property Insurance
  • Health and Accident Insurance

Private Clients Group
  • Motor Insurance
  • Fine Art and Valuables Insurance
  • Home and Contents Insurance

Tata AIG General Insurance News

Tata AIG has won a place among the finalists for Asia Insurance Awards as stated in the list declared on August 29, 2012. This is the 16th edition of the Asia Insurance Industry Awards – the event has 13 categories for which 800 entries had been sent.

Tata AIG is one of the 3 finalists in the General Insurance Company of the Year award. Gaurav D Garg has also been shortlisted among the 4 individuals in the Personality of the Year category.

This signals a renewal in the dominance enjoyed by the organization in the market for general insurance – the insurer is also known for its high levels of expertise and top class leadership that are made available to its customers and clients.

The organization has also been elected for improving its customer service quality as well as product range for the Asian market. In the previous year the organization’s consumer and commercial products have shown a commendable rate of growth. This has led to the recognition provide to the company in India and abroad in recent times.

Tata AIG is one of the insurers that will now be providing hospitalization cover for separate treatments. Others in the group are New India Assurance, National Insurance, United India, HDFC Ergo General, Oriental Insurance, and Cholamandalam General Insurance.

This will be a major benefit for families and people who have been treating their near and dear ones or getting treated themselves for critical diseases but were receiving no coverage for the same from their insurers. The main reason for this predicament was that their condition did not call for any hospitalization.

It is expected that in the near future the health insurance plans will also be covering dental care and outpatient expenses. This inclusion signals that soon enough hospitalization shall not be a critical criterion in seeking benefits from the insurers.

Under normal circumstances the insurers provide treatment coverage if the patient is in the hospital for more than 24 hours. However, certain insurers such as Max Bupa and Bajaj Allianz General Insurance are looking to provide such services following government directives to the effect.

Sources within these companies have informed the media that they will be bringing out comprehensive policies with OPD care by 2012 end. Normally, not many Indian insurers provide such facilities and even ones that do, charge additional premium.

Several non life insurers will also be launching retail health insurance policies with OPD coverage while ones that already do will be adding to their present levels of coverage.

New India Assurance and ICICI Lombard General Insurance are among the forerunners in the above mentioned group and have filed for IRDA’s approval on new products with OPD benefits.

Tata AIG General Insurance Contact Details

Following are the contact details of the registered office of Tata AIG:

Registered Office:

9th Floor, Piramal Towers
Peninsula Corporate Park
Ganpatrao Kadam Marg, Lower Parel
Mumbai - 400 013

24X7 Toll Free Helpline: 1800-266-7780
E-mail address for customers: [email protected]

Alphabetical List of Indian Companies

Last Updated on 07th September 2012

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