General insurance is something most of us do not think about until we need it. It is like a sudden hospital bill, a car accident, or unexpected damage at home. That is when having the right insurance company makes a difference. With so many insurers in India, from public sector names to new companies, it can get a little confusing to figure out which one fits your needs.
In this blog, we will go through the top general insurance companies in India, share a bit about their story.
What is General Insurance
General insurance is basically a safety net that protects you from sudden expenses when life throws unexpected problems your way, things like illnesses, accidents, or damage to your car or home. It covers almost everything except life insurance. Types of General Insurance are as follows;
Health Insurance, motor Insurance (car & bike), home Insurance, travel Insurance, personal Accident Insurance, business/commercial Insurance.
Industry Overview
- The general insurance industry in India is growing fast. In FY24 alone, non-life insurers collected 19.5% more premiums than the previous year, mostly because people bought more health and motor insurance.
- Out of India’s total insurance penetration, general insurance still makes up only 0.9% of GDP, which means there is huge room for growth in the coming years.
- The non-life sector continues to expand. In FY25, general insurers together wrote over ₹3.08 lakh crore in premiums, which is a good year-on-year increase.
- As of FY24 (till December), India’s general insurance market size touched ₹2.21 lakh crore, showing just how large this segment has become.
- Private general insurers are gaining more ground. Their market share has climbed to 65.4% in FY25, and analysts expect that number to hit 70% by FY27.
- Crop insurance is also becoming a major segment. The crop insurance market is expected to grow steadily, reaching ₹70,000 crore by FY2032.
- Motor insurance, one of the biggest parts of general insurance, is set to grow at over 10% CAGR, going from ₹1.12 lakh crore in 2025 to ₹1.83 lakh crore in 2030.
- Even newer categories like mobile phone insurance are rapidly expanding. This segment alone is expected to jump from ₹17,000+ crore in 2024 to nearly ₹58,000 crore by 2033.
Read Also: List of Best Insurance Stocks in India
List of Top 10 General Insurance Companies
1. New India Assurance
New India Assurance began its journey in 1919 when Sir Dorabji Tata founded it in Mumbai. What started as a small initiative slowly grew into one of India’s most trusted general insurance companies. After nationalisation in 1973, it expanded rapidly across India and even overseas
2. United India Insurance
United India Insurance started in Chennai in 1938. After nationalisation in 1972, it merged with several smaller insurers and became one of the major public-sector companies in India. Over the decades, it has built a good reputation for serving people across cities, towns, and rural areas, especially in motor, health, and social insurance schemes.
3. Bajaj Allianz General Insurance
Bajaj Allianz came into existence in 2001 as a joint venture between Bajaj Finserv and Allianz, a global insurance leader. It grew fast and became a household name in non-life insurance. The company is especially known for quick claims and friendly customer service across motor, health, and travel insurance.
4. ICICI Lombard General Insurance
In 2001, ICICI Lombard was established as a venture between ICICI Bank and a foreign insurance partner. It soon became one of the best-known private general insurers in India due to its straightforward products, services that were easy to access digitally and customer-centric approach. It is currently a motor, health, travel, and home insurance provider.
5. Aditya Birla General Insurance
Aditya Birla General Insurance comes from the well-known Aditya Birla Group. Although it officially entered the insurance space in the early 2000s, it has built its presence by offering easy-to-understand plans for travel, health, motor, and business. The company focuses on simple products and helpful service.
6. Bharti AXA General Insurance
Bharti AXA started in 2008 as a joint venture between India’s Bharti Group and AXA, a global insurance company. The company’s domestic reach and international expertise helped it grow quickly. It provides insurance for cars, health, travel, and property, and over the years, it has become known for its technology-based services.
7. Cholamandalam MS General Insurance
Cholamandalam MS is a joint venture between the Murugappa Group from India and Mitsui Sumitomo from Japan. The company brings together Indian market experience and global insurance knowledge. Over time, it has built a strong presence in motor, health, property, engineering, and rural insurance. It focuses on making insurance simple and reliable for individuals, families, and businesses, especially in smaller towns and industrial areas.
8. Digit General Insurance
Digit Insurance is a relatively new company in the general insurance space, launched in 2016 with the backing of the Fairfax Group. The process is simple and easy to use, from buying a policy to making a claim; everything is designed to be quick and fully digital. Digit covers motor, health, home, and even business insurance.
9. IFFCO Tokio
IFFCO Tokio started in 2000 as a collaboration between Indian cooperative giant IFFCO and Japan’s Tokio Marine. With strong rural roots, the company has always been focused on serving everyday households as well as farmers and small businesses. It offers health, motor, home, and commercial insurance, and is known for its customer-friendly service.
10. Future Generali India Insurance
Future Generali was formed in 2007 through a partnership between Future Group in India and Generali from Italy. This mix of local retail understanding and global insurance expertise helped the company grow quickly. It offers a wide range of products, from motor and health to commercial and rural insurance.
How to Choose the Right GI Company
1. Check How Well They Handle Claims (Claim-Settlement Ratio)
Problems often knock on the door without informing, like an accident or a sudden hospital bill, you want an insurance company that supports you instead of giving you the runaround.
Go for insurers known for quick, smooth claim settlements. It saves a lot of time and stress.
2. Look at Their Cashless Network
A wider cashless network (hospitals, garages, etc.) makes your life so much easier.
With cashless services, you do not pay upfront, you avoid paperwork, and things get sorted faster
3. Good Customer Support
During emergencies, you do not want to deal with slow responses or bots. A reliable insurer should offer:
- 24/7 support
- Fast responses
- A helpful mobile app
4. Check the Add-Ons They Offer
Add-ons can make your policy much stronger. For example, zero depreciation for cars, and room rent relaxation in health insurance. Pick a company that offers add-ons that you need.
Read Also: Best Health Insurance Plans in India
Conclusion
Peace of mind is what it comes down to at the end of the day when deciding on the right general insurance company. What you need is a company that will respond when you call, claim without fear, and be there when you need them most in cases of unforeseen situations. So, sit down and compare what you need, and go with the insurer that you feel comfortable with and can deal with. The correct decision today can save you the worry, time and money tomorrow.
Frequently Asked Questions (FAQs)
How do I choose the right insurance company?
Consider claim settlement ratio, cashless network, customer reviews, and digital convenience.
What is a cashless claim?
A cashless claim lets you get treatment or repairs without paying upfront at network hospitals or garages.
What is the claim-settlement ratio?
It shows how many claims the insurer has settled compared to how many it received. The higher the better it is.
Can I buy general insurance online?
Yes, you can buy and claim your insurance online.
Do general insurance policies offer add-ons?
Yes, you can customise your policy with several add ons.
