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General Insurance

Top 10 General Insurance Companies In India 2019

March 16, 2024

General insurance is insurance in which the asset of a person, that is, any property that has an economic value, is to avoid the risks on it. Economic value can also be levied for life and health, but a simple insurance plan covers only those assets which are tangible or physical. It simply means things that can be touched, for example, a house, factory, vehicle, etc. So, today in this article below we are going to discuss the top 10 general insurance companies in India 2019

If we look at different types of insurance in the top 10 general insurance companies in India 2019, it is easy to understand that the insurance plan which is not related to life or health will be counted in general insurance. The general insurance market is also huge because every property holder needs to save their property.

The general insurance market of India

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The general insurance market of India

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The General Insurance Business (Nationalization) Act was passed by the Parliament of India in 1972, and under the same, the General Insurance corporate became a public sector with influence from 1st January in the year 1973. 107 insurers were included and they were made up of four companies, namely

National Insurance Company
New India Assurance Company
Oriental Insurance Company and
United India Insurance Company

General Insurance Corporation (GIC) of India was incorporated as a company in 1971 and commenced business on 1 January 1973. General Insurance Corporation (GIC) and its companies had control over general insurance corporate in India until the enactment of the Special Insurance Regulatory & Development Authority Act (IRDA) of 1999.

The Act amended the GIBNA Act as well as the Insurance Act, 1938. The Act, with amendments, ended the control of General Insurance Corporation (GIC) as well as its subsidiaries & free up the insurance corporate in India to private companies.

The insurance sector has gone through several stages by allowing private companies to insure and allow foreign direct investment. India allowed private companies in the insurance sector in 2000, setting a 26% cap on FDI, which was increased to 49% in 2014.

Since privatization in 2001, the largest insurance company in India, Life Insurance Corporation of India (LIC) has seen its market share gradually slipping to private giants.

Currently, there are already 20+ companies in the general insurance market and a few more large international companies are expected to enter soon. However, today in this article below we are going to discuss the top 10 general insurance companies in India 2019.

Companies today are coming up with new ideas and are offering existing and future customers, new technology platforms that will streamline the business and be beneficial to them as well. On the basis of the company’s best offerings let’s see what are the top 10 general insurance companies in India 2019.

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List of Public and Private General Insurance Corporation in India:

List of Public and Private General Insurance Corporation in India

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Public General Insurance Corporation in India

Insurance Company Name	Official Website
National Insurance Company Limited	https://nationalinsurance.nic.co.in/hi
New India Assurance Company Limited	https://www.newindia.co.in/portal/#%2Fhome
Oriental Insurance Company Limited	https://orientalinsurance.org.in/
United India Insurance Company Limited	https://uiic.co.in/
Export Credit Guarantee Corporation Limited	https://www.ecgc.in/ OR https://commerce.gov.in/InnerContent.aspx?Id=228
Agriculture Insurance Company of India Limited	https://www.aicofindia.com/AICEng/Pages/default.aspx or https://www.india.gov.in/official-website-agriculture-insurance-company-india-limited

Private General Insurance Corporation in India

Insurance Company Name	Information
Bajaj Allianz General Insurance Company Limited	https://www.bajajallianz.com/general-insurance.html
Bharti AXA General Insurance Comp Limited	https://www.bharti-axagi.co.in/
Cholamandalam General Insurance Company Limited	https://www.cholainsurance.com/
Future General India Insurance Company Limited	https://general.futuregenerali.in/
HDFC Ergo General Insurance Company Limited	https://www.hdfcergo.com/
HDFC General Insurance Limited	https://www.hdfcergo.com/
ICICI Lombard General Insurance Company Limited	https://www.icicilombard.com/
IFFCO Tokyo General Insurance Company Limited	https://www.iffcotokio.co.in/
Kotak Mahindra General Insurance Company Limited	https://www.kotakgeneralinsurance.com/
Liberty Videocon General Insurance Company Limited	https://www.libertyinsurance.in//
Magma HDI General Insurance Company Limited	https://www.magmahdi.com/
Raheja QBE General Insurance Company Limited	http://www.rahejaqbe.com/Insurance.html
Reliance General Insurance Company Limited	https://www.reliancegeneral.co.in/Insurance/Home.aspx
Royal Sundaram Alliance Insurance Company Limited	https://www.royalsundaram.in/
SBI General Insurance Company Limited	https://www.sbigeneral.in/portal/
Shriram General Insurance Company Limited	https://www.shriramgi.com/
Tata AIG General Insurance Company Limited	https://www.tataaig.com/
Universal Sompo General Insurance Company Limited	https://www.universalsompo.com/

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Types of General Insurance In India:

Types of General Insurance In India

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General insurance also includes many types of insurance. It is important to do this because it is more economical to combine some similar types of insurance schemes and create the main branch like that. With such classification, the work of general insurance becomes easy for the seller. The main branches of general insurance are:

Vehicle/Motor Insurance

Motor Insurance

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This type of general insurance is taken over the motor vehicle; it can contain any type of vehicle. Motor insurance can usually be availed on car, bike and commercial vehicles. In the insurance cover, vehicle insurance covers the loss incurred during an accident.

The smartest thing to protect your car financially is a car insurance policy. If your car meets an accident or is a victim of a theft or natural disaster like flood, earthquake, etc., it saves your finances.

Types of Vehicle/Motor Insurance Products in India:

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There are a total of 4 types of motor vehicle insurance in India:

Compulsory third party insurance;
Comprehensive/comprehensive insurance;
Only fire & theft, and
The fourth is only third party property.

Consumers must understand the four types and ensure that they purchase appropriate cover for their situation. The reader should know that the first two types are the main ones.

According to the Motor Vehicles Act, 1988, Compulsory Third Party (CTP) is compulsory in all territories and states and provides recompense for bodily damages produced by means of transportation. It doesn’t provide coverage for any loss to the automobile and thus other forms of vehicle insurance must also be bought.

What You Should Know About Third Party Insurance:

Third Party Insurance

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It is important that you read the policy documents carefully for the specific terms and the various policies available. The features of third party insurance are mentioned below:

Death or body injury to third parties
Damage to property owned by third parties
Personal accident covers for passengers traveling inside the car

Comprehensive Insurance:

Comprehensive Insurance

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The Comprehensive Insurance policy can cover vehicle damage, vehicle theft, weather damage, collision, and malicious damage. Contingent on the insurance policy, it may cover damage to other means of transportation. There is a comprehensive insurance optional coverage and thus it is not mandatory.

This type of car insurance provides coverage for third parties and also for your vehicle. In comprehensive or full insurance, the entire cover is available, i.e., the entire loss of both vehicles is paid, regardless of the fault of any party (remember that every insurance plan has its own conditions).

It is best for those who want to cover the losses caused by all kinds of accidents and also to fix the losses due to theft and natural disasters.
Fire & theft is a partial form of insurance that merely covers vehicles for fire damage and theft. It doesn’t cover accidental damage to the vehicles.

NOTE:
Third-party property just gives spread to vehicles harmed by the policyholder’s vehicle. It doesn’t give spread to the policyholder’s own vehicle. This item is typically just expelled by buyers with a low worth vehicle, shielding different drivers from hurt.

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Marine Insurance

marine insurance

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Insurance has started with marine insurance and hence it is still a major source of business in the general insurance market. The marine insurance policy covers the loss of ships, terminals, cargo, and any other transport or cargo by which temporary property is transferred. Top 10 general insurance companies in India 2019

Cargo insurance is a sub-branch of marine insurance, although marine insurance also includes insurance for onshore (coastal) and offshore (at sea) property insurance such as container terminals, oil platforms, ports, pipelines, plows, etc. When insurance is by post or courier which is ground, shipping insurance is used which is not part of maritime insurance.

If you own or operate a boat or other maritime property, you can buy marine insurance. Many insurers offer boat or marine property insurance plans that have additional options in addition to basic cover for loss or damage.

Damage cover provides protection against accidental damage to other people (employees) or property as well as covering you. Boats and other maritime assets can be costly, and if you accidentally damage someone else’s owned a boat or marine infrastructure, you can make up for the loss in a huge financial disaster. Therefore, for most boat owners, marine insurance is a requirement.

Types Of Marine Insurance:

Machinery Insurance:

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All required machinery is covered under this insurance and in case of any operational damage, claims can be repaid.

Hull Insurance:

Hull Insurance

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Hull insurance primarily protects the ship’s torso or hull with all pieces of the ship. This type of marine insurance is done by the shipowner to avoid any kind of damage when the accident is resolved.

Cargo Insurance:

Cargo Insurance

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All types of cargo carriers use this insurance; it covers the cargo or cargo carried inside the ship.

Marine Liability Insurance:

Marine Liability Insurance

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Liability insurance is the type of marine insurance where indemnity is purchased to provide for any liability arising due to accident or collision of an accident-prone ship.

Freight Insurance:

Freight Insurance

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To transfer goods from one port to another, the amount paid to the ship-owner is called freight or freight. Such fares can be paid in two ways:

Either in advance or
After the ship has safely reached its destination

If that freight is not available for any reason, then the owner can pay it with insurance.

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Fire Insurance

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Fire insurance is property insurance that covers damage from fire. The purchase of fire insurance in addition to the home or property insurance helps cover the cost of replacement, repair or reconstruction of the property, above the limit set by the property insurance policy. Fire insurance plans typically have common exclusions such as war, nuclear risk, and similar hazards.

The owner of a business is always very sensitive to financial risk. A fire not only causes large scale financial damage but in fact it faces a lot of difficulties in rebuilding the business. Here fire insurance is the right decision.

Risks Covered Under Fire Insurance Policy in India

risk covered by fire insurance

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As the policy covers many types of hazards, it is also called the Standard Fire and Special Pearls Policy. The inclusion list includes:

Fire:

The policy provides coverage for any damage caused by a fire. However, natural heat, self-fermentation or spontaneous burning damage is excluded.

Lightning:

Damage due to electricity is covered. If a bolt of lightning strikes a fire or other damage such as cracks in a building or roof area, it will be covered by fire insurance.

Explosion:

Fire damage from the explosion is covered by this policy.

Aircraft Damage:

Fire and any other damage caused by an aircraft or other airborne devices, damage caused by articles dropped by an aircraft, is covered by an insurance policy.

Terrorist Activity, Riot Strike:

If the insured property is harmed due to a strike, riot or any terrorist activity, the loss is covered by fire insurance.

Risk Exclusions in Fire Insurance Policies:

Risk Exclusions in Fire Insurance Policies

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There is no damage due to nuclear hazards, nuclear waste or radioactivity. Loss or damage to any electrical machines, excessive pressure, short circuit, electrical leakage, etc. is not covered. Apart from this, situations like theft, war, invasion, civil war, loss due to uproar, rebel war are always excluded.

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Mortgage or loan insurance

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This insurance is also very important and is mandatory in many banks etc. In this insurance plan, a loan is insured which protects the lending party. If that borrowing party fails to repay the loan due to any reason, then this insurance compensates the loan.

Mortgage insurance reduces the risk for your lender, so in many sub-standard (risky) bank loans, the bank makes it mandatory for customers to get this insurance.

A Mortgage Life Insurance Plan or Mortgage Insurance Home Loan Protection Plan i.e. HLPP is a plan that covers the mortgagor against non-payment of an Equated Monthly Instalment (EMI installment) in case of the death of the mortgagor. There are some policies that cover accidental death, critical illness, disability, and job leave (maximum 3 EMI), etc. risks.

Types of HLPP:

Home Loan Protection Plan

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There are 2 types of HLPP:

Decreasing the term insurance plan, where the sum insured drops with the unpaid balance of the credit until both extent zero and
The level term insurance plan, where the sum insured does not drop (in the case of any interest-mortgages).

Premium Payment:

Premium Payment

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Mortgage insurance is usually a single premium plan; however, there’re several versions for limited and regular premium payment terms. However, in the single premium payment schemes, banks permit the debtor to bundle the premium sum with the credit amount.

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Home Insurance

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Home insurance protects your home and the items inside it. A home insurance policy will also cover natural and man-made conditions. The material covered under a home insurance policy will depend on the type of policy you have purchased.

It is an insurance policy that combines several small insurances, which may include damage to one’s home, its contents, or other personal property of the landlord. In a developed nation like the USA, home insurance is generally taken for this reason.

A good home insurance policy also protects everything kept at home. Risks generally covered in Planet Insurance:

Fire And Similar Risk:

Explosion due to fire, damage to aircraft, lightning, missile test operations

Natural Disasters:

Floods, earthquakes, storms, thunderstorms, landslides and rockslides, cyclones, etc

Man-made disasters:

Riot, strike, theft or Burglary

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Travel Insurance

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Travel or travel insurance is an insurance policy that covers many risks while traveling in India or abroad. Everyone likes to travel. Traveling is a wonderful experience to deal with stress and depression. It is of utmost importance to buy an insurance plan. Travel insurance is to protect you and your loved ones from unexpected situations, even if you are not with them.

Below are some things that you need to keep in mind while buying a travel plan:

Generally, travel insurance covers these things:

Accidental death or disability
Delay or loss of goods
Personal liability
Loss of passport or delay in travel or cancellation
Flight hijack cover
Risks not covered by travel insurance:
Pre-existing disease
Emergency arising from the consumption of alcohol or any other intoxication
Self-motivated work bodily injury
Medical emergency arising during pregnancy, miscarriage, miscarriage or childbirth

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Top 10 General Insurance Companies In India 2019

top 10 general insurance companies in india 2019 a

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New India Assurance Company Limited
National Insurance Company Limited
HDFC ERGO General Insurance Co. Ltd
Bajaj Allianz General Insurance Company Limited
United India Insurance Company Limited
ICICI Lombard General Insurance Company Limited
The Oriental Insurance Company Limited
Royal Sundaram General Insurance
TATA AIG General Insurance Company Limited
Cholamandalam MS General Insurance

1. New India Assurance Company Limited:

New India Assurance Company Limited

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It is the biggest general insurance agency of India based on net premium gathered including its abroad activity. New India Assurance Company Limited is an open area organization. It furnishes items to cover dangers related to different mechanical sections like flying, oil, and vitality, gems, petrochemicals, and so forth.

In our rundown, it starts things out in Top 10 General Insurance Companies in India 2019. You can buy any arrangement of this organization by Online and Offline and New India Assurance Policy Renewal is additionally straightforward.

Products of New India Assurance Company Limited:

Motor

Standalone OD for Motor TW
Standalone OD for Motor PC
Commercial Vehicle
Private Car
Two Wheeler
Standalone CPA cover

Health

New India Global Mediclaim Policy
New India Mediclaim Policy
Asha Kiran
Cancer Medical Expn-Individual
Jan Arogya Bima
Senior Citizen Mediclaim
Universal Health Insurance
Family Floater Mediclaim
Standard Group Mediclaim 2007
Janata Mediclaim

Travel

Overseas Mediclaim (ES)
Overseas Mediclaim (Bus & Hol)

Miscellaneous

Personal Accident (Death & PTD)
Office Protection
House Holder
Shop Keeper
Raasta Aapatti Kavach Policy
Loss of Profit Insurance (MB)
Machinery Insurance
Marine Cum Erection Insurance
Fire Declaration
Stand Alone Terrorism

Rural

Animal Driven Cart Insurance
Duck Insurance
Cattle Insurance
Elephant Insurance
Farmers Package Insurance
Gobar Gas Insurance
Honeybee
Rural Laghu Bima Hut
Horticulture / Plantation
Group Janta Insurance

Marine

Open Policy
ALOP Insurance
Annual Policy
Annual TurnOver Policy
Open Cover Certificate
Duty Insurance
Sellers Interest Insurance
Specific Voyage
Tea Crop Insurance
Marine Builders Risk

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2. National Insurance Company Limited

National Insurance Company Limited

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This National Insurance was built up in 1906. Other than giving spread against different dangers in the banking, telecom IT Power remote exchange medicinal services car space investigate and so on. it gives assurance against characteristic cataclysms to Algeria and rustic business. This company is among the top 10 general insurance companies in India 2019.

Products of National Insurance Company Limited

Motor Insurance

Commercial Vehicle
Private Car
Two Wheeler

Health Insurance

National Mediclaim Plus Policy (Individual Plan)
National Mediclaim Policy (Individual Plan)
Overseas Mediclaim Business and Holiday
Overseas Mediclaim Employment and Studies

Miscellaneous Insurance

Personal Accident
House Holders Insurance Policy
Shopkeepers Insurance

Fire Insurance

Standard Fire and Special perils Policy (SFSP)