Key Takeaways
- General Insurance Companies in India are classified into public sector, private sector, standalone health insurers, and specialised insurers.
- A list of India’s top general insurance companies has been provided, with the latest available claim settlement ratio (CSR) data (for FY 2023-24), as reported in IRDAI’s annual statistical handbook 2025).
- Claim Settlement Ratio (CSR) indicates how quickly insurers settle claims, making it a critical comparison metric.
- Private sector insurers dominate premium growth, while standalone health insurers show the fastest expansion.
- General insurance covers health, motor, travel, home, business, and asset-related risks—unlike life insurance.
- Choosing the right insurer requires evaluating claim service efficiency, coverage terms, network strength, and customer support.
General Insurance Companies in India serve an important function of offering protection and financial support to individuals and businesses in times of unfortunate events. However, picking the correct insurer is quite a challenge. With numerous insurance companies in india catering to different market segments, customers generally find it difficult to get clarity on the offerings of various players, how the insurers have been categorised, and which companies are reliable in terms of claim settlement and service.
The solution is to have a clear and well organised understanding of the general insurance sector in India.When you know how insurance companies in India are grouped (public sector, private sector, standalone health insurers, and specialised insurers), you can compare choices more rationally rather than depending on guesswork or advertising gimmicks.
This guide cuts down the complexity of the task. It offers a complete, IRDAI compliant list of general insurance companies in india. Thus, it seeks to help you make informed decisions based on transparency, regulatory framework, and market standing.
Let’s start with a bit of basics..
The Concept of General Insurance
General insurance is a category of insurance policy that insures you against a risk or a loss of any kind that is not covered by life insurance. These insurance plans include protection for your health, car, home, travel plans, and even your business.
General insurance is a policy that pays the policyholder for the financial loss during the policy period. On the other hand, life insurance is a policy that pays the policyholder after the death or maturity of the policyholder. In general, general insurance policies cover the policyholders for financial losses resulting from accidents, theft, natural calamities, and other insured events.
List of General Insurance Companies in India
Below is an IRDAI-aligned list of India’s top general insurance companies with the latest available claim settlement ratio (CSR) data (for FY 2023-24), as reported in IRDAI’s annual statistical handbook 2025). In this context, CSR represents the percentage of claims settled within three months after the claim was intimated, which is a key metric for evaluating insurer reliability.
| Public Sector Insurance Companies | Claim Settlement Ratio (CSR) % | Private Sector Insurance Companies | Claim Settlement Ratio (CSR) % |
| New India Assurance Co. Ltd. | 92.70 | ICICI Lombard General Insurance | 97.16 |
| United India Insurance Co. Ltd. | 96.33 | HDFC ERGO General Insurance | 99.16 |
| Oriental Insurance Co. Ltd. | 65.08 | Bajaj Allianz General Insurance | 95.99 |
| National Insurance Co. Ltd. | 91.18 | Tata AIG General Insurance | 95.43 |
| — | — | Reliance General Insurance | 99.57 |
| — | — | SBI General Insurance | 97.05 |
| — | — | Digit General Insurance (Go Digit) | 96.71 |
| — | — | Generali India Insurance | 99.97 |
| — | — | Kotak Mahindra General Insurance | 96.76 |
| — | — | Navi General Insurance | 99.97 |
| Specialized Insurance | |||
| Agriculture Insurance Co. of India Ltd | 46.64% | ||
| ECGC Ltd. (Export Credit Guarantee Corporation) | 80.63% | ||
| Standalone Health Insurers | |||
| Aditya Birla Health Insurance Co. Ltd | 92.97% | ||
| Care Health Insurance Ltd | 92.77% | ||
| ManipalCigna Health Insurance Co. Ltd. | 88.59% | ||
| Niva Bupa Health Insurance Co. Ltd. | 92.02% | ||
| Reliance Health Insurance Ltd. | 40.00% | ||
| Star Health and Allied Insurance Co. Ltd | 82.31% | ||
Note: The above CSR values represent claims settled within 3 months, as per IRDAI’s 2023-24 statistical data released in 2025
General Insurance Industry – Business Figures
Gross Direct Premium Income within India for General, Health and Specialized Insurance Companies (in ₹ crore)
| Category of Insurance Providers | 2022-23 | 2023-24 | YoY Growth % |
| General Insurance Companies in Public Sector | ₹ 82,891.26 | ₹ 90,252.13 | +8.88% |
| General Insurance Companies in Pvt. Sector (General & Non-health) | ₹ 1,31,941.83 | ₹ 1,55,090.19 | +17.55% |
| Insurance Companies- Standalone Health | ₹ 26,243.85 | ₹ 33,119.30 | +26.20% |
| Specialized Insurance Companies | ₹ 15,817.32 | ₹ 11,211.34 | -29.12% |
| Total Non-Life Insurance Sector | ₹ 2,56,894.27 | ₹ 2,89,683.22 | +12.76% |
Source: IRDAI Annual Report 2024-25 (FY 2023-24 premium figures).
Difference Between General Insurance and Life Insurance: A Comparative Look
| Criteria | General Insurance | Life Insurance |
| Duration | Short-term (usually 1 year) | Long-term (10+ years or lifetime) |
| Coverage | Specific assets/risks (health, car) | Life and death benefits |
| Claim Payout | Reimbursement for actual losses | Lump sum upon death/maturity |
| Renewal | Required annually | Long-term commitment |
Different Types of General Insurance Policies
General insurance is a vast domain, offering policies tailored to different aspects of life. Here are the major types:
1. Health Insurance
Covers medical expenses arising from hospitalisation, surgeries, treatments, and more. Popular sub-types include:
- Individual Health Plans
- Family Floater Plans
- Critical Illness Insurance
- Top-Up and Super Top-Up Plans
2. Motor Insurance
Mandatory by law in India for all vehicle owners. It includes:
- Third-party Insurance: Covers liability to others.
- Comprehensive Insurance: Covers third-party liability + own vehicle damage.
3. Travel Insurance
Offers financial protection for both domestic and international trips. Hence, it safeguards you from trip cancellations, baggage loss, medical emergencies, etc.
4. Home Insurance
It can secure your home and its contents against fire, theft, natural disasters, and other unexpected damages.
5. Fire Insurance
This insurance policy is mainly for commercial or residential properties, and it will cover the loss/damage resulting from fire, lightning, or explosions.
6. Marine Insurance
Marine insurance basically covers cargo,vessels,and the risks of the transport of goods by sea, air, or land.
7. Commercial/Business Insurance
Includes:
- Liability Insurance
- Engineering Insurance
- Burglary Insurance
- Shopkeeper’s Insurance
These are crucial for MSMEs and large-scale businesses alike.
Benefits of Buying General Insurance
Still not sure about the need for the purchase of general insurance? Check out the following amazing benefits:
1. Protection against monetary losses
When it comes to situations like a hospitalisation bill of Rs. 5 lakhs or damages to your car after a road accident, general insurance will be the one to cover for the losses incurred.
2. Ensures Compliance with the Law
According to the Motor Vehicles Act, 1988, motor insurance is compulsory. Similarly, companies operating in shipping, construction, and aviation sectors are required to have specific coverage.
3. Business Continuity
General insurance can be considered as a tool for business continuity. This is because it enables businesses to quickly get back to normal operations after major losses such as fire damage or liability claims.
4. Stress Relief
When you have coverage, you don’t have to worry as you know you can continue running your business even if some unforeseen circumstance arises.
5. Wide Variety
From a solo traveller to a multi-national company, the general insurance sector has a policy for everyone.
How to Choose the Right General Insurance Company in India?
There are more than two dozen service providers in the market, and the process of choosing the right general insurance company may feel like a daunting task. Here is how to make a wise choice:
1. Verify the Claims Turnaround Time
While Claim Settlement Ratio is a vital statistic, you should be also concerned with claim servicing efficiency and timelines.
2. Go Through the Policy Terms Carefully
Don’t be attracted by flashy advertisements. Make sure you fully understand the inclusions, exclusions, deductibles, and co payments before making a purchase.
3. Weigh Insurance Policy Premiums against Coverage
A cheaper premium may imply a limited coverage. Therefore, you should strike a balance between affordability and getting full protection.
4. Evaluate Customer Service
Verify if there are 24×7 support helplines, online claim filing options, and user-friendly mobile apps.
5. Network Partners
Make sure the insurance company has a wide network of hospitals and garages for cashless service, in case of health and motor insurance respectively.
6. Reviews and Ratings
Look at genuine feedback from IRDAIs reports, Google reviews, and insurance platforms like Bimakavach.
The Bottomline:
Having a good grasp of the list of general insurance companies in india is the first step to making highly confident and well informed insurance purchasing decisions. The market comprises public sector insurers, private players, standalone health insurers, and specialised insurers regulated by IRDAI; each insurance company catering to a unique purpose and customer segment. Though coverage features and pricing are important, factors like claim settlement performance, service quality, and financial stability should be the main pillars of your decision making process.
By evaluating insurers through a structured and regulatory lens, you can avoid confusion, reduce risk, and select a general insurance provider that genuinely aligns with your personal or business protection needs.
When you look at insurers through a ‘window’ that is both structured and regulation-based, you can easily get rid of confusion and decrease risk. This will help you choose a general insurance company that has the right products and services for your personal or business protection needs.
So, don’t wait for an accident to make you realise the value of insurance. Compare different insurance plans, check the fine print, and get yourself a general insurance policy that makes you and your possessions safe, secure, and stress-free.
