Insurance is mainly needed for managing risks. During the time of loss insurance provides us money and helps us rectify the balance. Here are the top ten best general insurance companies of India in 2018.
Table of Page Contents
- 10. IFFCO-Tokio General Insurance Company Limited
- 9. Reliance General Insurance Company Limited
- 8. Agriculture Insurance Company of India Limited
- 7. Tata AIG General Insurance Company Limited
- 6. ICICI Lombard General Insurance Company Limited
- 5. Bajaj Allianz General Insurance Company Limited
- 4. United India Insurance Company Limited
- 3. The Oriental Insurance Company Limited
- 2. National Insurance Company Limited
- 1. New India Assurance Company Limited
10. IFFCO-Tokio General Insurance Company Limited
The Indian Farmers Fertiliser Cooperative (IFFCO) and Tokio Marine and Nichido Fire Group jointly form the IFFCO-Tokio General Insurance Company. It was established in the year 2000 with its corporate office located Gurgaon, Haryana. This is one of the top general insurance companies of the and also offers wide range of non-life insurance services like Personal Accident, Motor, Household, Travel etc. The chairman of the company is Mr. M. K Srinivasa Gowda Managing Director and CEO is Yogesh Lohia.
9. Reliance General Insurance Company Limited
Reliance General Insurance Company Limited is an insurance company which is a subsidiary of Reliance Capital Ltd. It was established in the year 2001 and its head office is located in Mumbai, Maharashtra. It offers insurance cover to SME, corporate and individual clients. It also extends its services to student travel, motor, health, travel insurance etc. and other customised products. It has more than 139 branches which are spread across 24 states in the country.
8. Agriculture Insurance Company of India Limited
Established in the year 2002 The Agricultural Insurance Company is under the guidance of Government of India. Its head office is located in New Delhi. This company mainly provides insurance for the agriculture sector. This company has extended their insurance services to more than 200 million farmers and across 500 Indian districts. It provides insurance in the case of natural calamities like storms, drought etc, diseases and pests.
7. Tata AIG General Insurance Company Limited
This company was established in the year 2001 by the joint venture of the American International Group and the TATA group. The headquarters of Tata AIG Insurance Company is located in Mumbai. It provides solutions for both individuals and the corporate sector which includes fields like Health Insurance, Lifestyle Insurance, Home Insurance, Motor Insurance, and Travel Insurance. The CEO of the company is Neelesh Garg.
6. ICICI Lombard General Insurance Company Limited
The company was established in the year 2001 and is a joint venture between two companies Fairfax Financial Holdings and ICICI Bank Ltd. The company has issued over 9.18 million policies. ICICI Lombard General Insurance Company’s headquarters is located in Mumbai. Bhargav Dasgupta is the Managing Director of this company. It is the largest private sector general insurance company of India 2018.
5. Bajaj Allianz General Insurance Company Limited
With its head office located in Pune this company provides various Insurance related products to the public. Bajaj Allianz General Insurance Company Limited, a joint venture between Allianz SE and Bajaj Finserv Limited and was founded in the year 2001. It offers its services through policies like Health insurance which includes Personal Guard, Star Package, Hospital Cash, and Health Guard. It has a special Travel insurance scheme which is called as Pravasi Bharti Bima Yojana.
4. United India Insurance Company Limited
This company was established in 1938 with its head office located in Chennai. The United India Insurance Company Limited provides insurance to various sectors like GMR- Hyderabad International Airport, ONGC, Tirumala-Tirupati Devasthanam and has also extended its services to the rural parts of the country through schemes like Vijaya Raji Janani Kalyan Yojana, Health Insurance Programme of Government of India.
3. The Oriental Insurance Company Limited
Oriental Insurance is a public sector insurance company established in the year 1947. Its head office is located in New Delhi. It provides insurance for various sectors like steel, chemical plants, petrochemical and power plants projects and also meets the insurance needs of various individuals in the rural and urban parts of the country. The key people of this company are Mr. Balwant Singh and Mr. Gopa Kumar. The company has 30 branches and has also established itself in countries like Nepal, Kuwait, and Dubai.
2. National Insurance Company Limited
The National Insurance Company was founded in the year 1906 and is oldest among all the general insurance companies of India. Its head office is located in Kolkata. The company has more than 15000 employees and more than 1340 branches located in different parts of the country. The company has won the best company has won the Best Auto Insurer award. The slogan of the company is Thoda Simple Socho.
1. New India Assurance Company Limited
In the first place we have the New India Assurance Company. It was established in the year 1919 and its head office is located in Mumbai. It is owned by the government of India and has over 1600 branches with 19000 employees working under them. It has also established itself in 22 countries across the globe. They provide services in the field of oil & energy industries, Petrochemical, power & steel plants, satellites, aviation fleets, SMEs and almost all the commercial sector.
This insurance company play a major role in the country’s economic development and also provides help to various individuals as well as corporate sectors when required.