General Insurance Companies

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The four major entities of the general insurance industry of India are the ones owned by the Indian government - National Insurance, New India Assurance, Oriental Insurance, and United India Insurance. From 1973 to 2002 these four insurers were part of the nationalized General Insurance Corporation of India. However, with the introduction of 26% FDI in the sector and the private companies the scenario has changed somewhat with companies like Bajaj Allianz and Reliance coming to the fore.

General Insurance Companies in India

Bajaj Allianz General Insurance

Bajaj Allianz General Insurance is a joint venture of Allianz SE and Bajaj Finserv, which has recently established its separate identity from Bajaj Auto Limited. Both Allianz SE and Bajaj Finserv are reputed to be expert, stable, and strong entities in their respective domains.

The Insurance Regulatory and Development Authority (IRDA) provided Bajaj Allianz General Insurance its Certificate of Registration on May 2, 2001, which enabled to start its operations in India. At present its paid up and authorized capital is equal to INR 180 crores.

Allianz SE owns 26 percent of the organization's shares and the remaining 74% are owned by Bajaj Finserv. The insurer has been a leading name in the insurance sector by achieving a regular level of growth along with substantial profits.

At present the insurer is operating across 200 towns across India and has been employing the very best in technology to make sure it can respond and communicate in the shortest possible time with its customers and interested parties. Its headquarters are at Pune.

ICICI Lombard

ICICI Lombard is a collaboration of Fairfax Financial Holdings Limited from Canada and ICICI Bank Limited. ICICI Bank is the second biggest bank of India and as of March 31, 2012 owns consolidated assets worth more than 91 billion US dollars. It is a diversified financial services provider engaged in several sectors such as general insurance, management of investment claims, reinsurance, and investment management.

The insurer offers instant policy renewal and issuance facilities from its official website. This facility is available for the following forms of retail insurance such as:
  • Car insurance
  • Two wheeler insurance
  • Health insurance
  • Home insurance
  • Travel insurance
It also offers several payment options such as internet banking, debit cards, credit cards, and cash cards.

National Insurance

National Insurance was set up in 1906 and had its corporate headquarters at Kolkata. After the General Insurance Business Nationalization Act was passed in 1972, 11 Indian insurers and 21 international insurers were included in its fold. At that point of time National Insurance operated as a subsidiary of the General Insurance Corporation of India that was wholly owned by the Indian Government.

Once the General Insurance Business (Nationalization) Act was passed on August 7, 2002 the insurer started to operate as an independent entity and is presently held by the Union Government. It is one of the top non life insurers of India in the public sector.

It has approximately 1000 offices and in excess of 16 thousand officials in far flung rural areas, metros, and townships. Its international operations are executed from its Nepal based offices. It has 14 million policyholders and offers at least 200 different products that take care of their different requirements.

It has a paid up share capital of INR 100 crores. In addition to usual general insurance plans it offers fire, miscellaneous, and marine insurance. National Insurance also provides various risk protection services and caters to the following sectors of the national economy:
  • Banking
  • Space research
  • Plantations
  • Telecom
  • Foreign trade
  • Aviation
  • Shipping
  • Healthcare
  • Information technology
  • Tea
  • Power
  • Automobile
  • Oil and energy
  • Education
  • Agronomy
  • Environment
National Insurance is the second largest among non life insurers in India and majority of its operations are based in eastern and northern India.

New India Assurance

New India Assurance was established during 1919 by Sir Dorab Tata and is the first insurer to be completely owned by an Indian. It is a groundbreaker when it comes to Indian insurers - in 1946 it had insured the first Indian airlines and in 1980 it started issuing satellite insurance.

It offers a diverse array of plans and is presently one of the biggest names in the non life sector in India as well as Afro-Asia.

Oriental Insurance

Oriental Insurance was established on September 12, 1947 in Mumbai and was a totally owned subsidiary of the Oriental Government Security Life Assurance Company Ltd. its main purpose on inception was to execute the general insurance operations of its parent company.

From 1956 to 1973 it served as a LIC subsidiary before the general insurance business was also taken over by the government. In 2003 its shares were transferred to the Union Government from the General Insurance Corporation.

The organization is a leader when it comes to creating fluent and structured business operations. Its main area of strength is its work force that is highly motivated and well trained with the capability of covering several areas of the insurance business proficiently.

Its major area of strength is creating specialized cover plans for major projects such as power plants, steel, petrochemical, and chemical plants. Till now it has come up with products that are suited to the distinct requirements of both rural and urban population. The company also provides a high level of customer service through its team of experienced and technologically educated employees. Its headquarters are at New Delhi - it also has more than 900 offices in various cities across India as well as 30 regional offices. Its international operations are performed from its offices at Nepal, Dubai, and Kuwait. It has at least 15 thousand professionals.

Reliance General Insurance

Reliance General Insurance is one of the leading general insurers of India in the private sector. It provides a wide range of customized insurance products in the following segments:
  • Motor
  • Travel
  • Health
  • Student travel
It caters to corporate, individual, and small medium enterprises. It is among the first companies to have started the home and health insurance plans that are provided on an over-the-counter basis. It has 152 offices in 119 cities spread around 24 states. It also provides customers with the following facilities:
  • 24X7 call center
  • Channel partner
  • Transaction based website
  • Brokers
  • Tie-ups with banks
Following are the other general insurers operating in India:
  • L&T General Insurance
  • Royal Sundaram Alliance Insurance
  • Star Health and Allied Insurance
  • Tata AIG General Insurance
  • Apollo Munich Health Insurance
  • United India Insurance
  • Future Generali India Insurance
  • Cholamandalam MS General Insurance
  • Universal Sompo General Insurance
  • HDFC ERGO General Insurance
  • Shriram General Insurance
  • Export Credit Guarantee Corporation of India
  • Bharti AXA General Insurance
  • Agricultural Insurance Co of India
  • Max Bupa Health Insurance
general insurance co
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Last Updated on 10/12/2012

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