General Insurance : Definition, Types, Characteristics, Companies, Claims, Premiums, Benefits

What is General Insurance?

General Insurance is an agreement between the General Insurance Company and the Policyholder where the Insurance Company provides compensation to the Policyholder for damage to the Insured Assets because of Covered Perils. All Non-Life Insurance Policies are classified as General Insurance Policies.

General Insurance means non-life insurance policies and includes a range of Insurance Policies such as Motor Insurance, Health Insurance, Fire Insurance, Marine Insurance, Group Health Insurance, Liability Insurance products such as Cyber Insurance, D&O Liability Insurance, CGL Insurance etc. This comprehensive guide covers all aspects of General Insurance in detail - types of Covers, Benefits, Policy Terms, Claims Process, Top Companies, Tax Benefits and more.

Key Characteristics of General Insurance Policies

1. General Insurance Policies are usually issued for a period of one year and need to be renewed annually.
2. The compensation paid out by Insurers is generally the monetary value of the loss or damage caused and cannot exceed the Sum Insured under the Policy.
3. Premiums paid by policyholders depend on the probability and likely severity of the insured event. Higher risks attract higher premiums.
4. General Insurance Policies safeguard the monetary value of tangible physical assets and properties as well as legal liability exposures. Intangible assets are not covered.
5. The Insured must have an ‘Insurable Interest’ in the asset covered, i.e. the policyholder will suffer financial loss if the insured event occurs.
6. General Insurance covers only sudden, accidental and unforeseen losses, not gradual wear and tear or predictable events.

Performance of Indian General Insurance Industry in FY23

Indian General Insurance Industry comprises of 31 Non-Life Insurance Companies, out of which 25 are Private Insurers including Standalone Health Insurance Companies, 4 are Public Sector Insurers and the remaining 2 are specialised insurers, ECGC and Agricultural Insurance Company of India (AIC). The Indian General Insurance Industry underwrote a Total Gross Direct Premium of Rs2.57 lakh crore in FY23 as compared to a Total Gross Direct Premium of Rs2,20,700 Crores in FY22, a growth of 16.40% on a Y-o-Y basis. The 27 Private Sector Insurers (including standalone health insurers) underwrote Rs1.58 lakh crore as against Rs1.30 lakh crore FY22 while the specialized insurers underwrote Gross Direct Premium amounting to Rs15,818 crore. The Public Sector General Insurers contributed 38.42 % of the market share while the Private Sector General Insurers contributed the remaining 61.58% of the market share. Under Non-Life Insurance, health insurance business is the largest segment with a contribution of 38.02% of the total premium with a premium of Rs97633 Crores in FY23. Motor Insurance is the second largest segment within General Insurance with a premium collection of Rs81,280 crore in FY23, up from Rs70,433 crore of FY22. During FY23, the aggregate net incurred claims amounted to Rs1,49,313 crore vs Rs1,40,566 crore in FY22. The Incurred Claims Ratio (net incurred claims to net earned premium) of the non-life insurance industry was 82.95% during FY23 as against 89.08% in FY22. The Incurred Claims Ratio for Public Sector Insurers was 99.02% for the year FY23 as against Incurred Claims Ratio of 103.17% in FY22. The Private Sector General Insurers, Standalone Health Insurers and Specialized Insurers have improved their Incurred Claim Ratio with 75.13%, 61.44% and 73.71% respectively for the year 2022-23 as compared to 77.95%, 79.06% and 92.47% respectively.

Source – IRDAI Annual Report FY23

Types of General Insurance Policies

General Insurance Policies can be broadly classified into Business Insurance and Personal Insurance. This article will cover both types of Insurances in detail.

What is Business Insurance?

Business Insurance is a broad category of Insurance that helps protect your business assets, from Lawsuits, Property Damage, Theft, Vandalism and Loss of Income. Different types of business insurances are Commercial General Liability Insurance, Trade Credit Insurance Policy, Group Heatlth Insurance Policy, D&O Liability Insurance Policy, Cyber Liability Insurance Policy, Marine Insurance etc.

We will cover each of these Insurance Policies in detail:

Commercial General Liability Insurance Policy

A Commercial General Liability Insurance Policy, also referred to as CGL Insurance Policy, provides coverage for Defence Costs and Compensatory Damages incurred by the Insured due to Bodily Injury or Property Damage suffered by a third party. This coverage applies to incidents that arise from a Company’s business operations or because of consuming the Insured Company’s products. Essentially, a CGL Policy combines a Public Liability and a Product Liability Insurance Policy.

Cyber Liability Insurance Policy

A Cyber Liability Insurance Policy protects an Insured’s Business from financial losses and third-party liabilities incurred following a Cyberattack or a Data Breach Incident. Today, a large part of business is conducted online and incidents of cyberattacks causing huge financial losses are increasingly common. Cyberattacks like NotPetya and WannaCry injected malicious malware in thousands of computers across the world and paralyzed businesses. As a result, a Cyber Security Insurance Policy is extremely important for businesses to protect themselves from risk of Cyberattacks.

Product Liability Insurance Policy

A Product Liability Insurance Policy protects a company against the legal liability arising from claims of Bodily Injury or Property Damage to third parties because of consuming the Insured Company’s products. When a consumer suffers harm due to a faulty or defective product, they may file a lawsuit seeking compensation for their injuries or damages. A typical example is when a consumer of the company sues the Insured for compensation when he/she becomes ill because of consuming the company’s products. A Product Liability Insurance Policy is generally purchased by Product Manufacturers, Distributors, Retailers and Wholesalers.

Directors and Officers Liability Insurance Policy

A Directors and Officers Liability Insurance Policy, also known as D&O Liability Insurance Policy, protects Directors and Officers of a Company from lawsuits alleging Wrongful Acts committed by them in their managerial capacity. Wrongful Acts include Breach of Duty, Breach of Trust, Errors, Omissions, Negligence, Misstatements, or Misleading statements. The Policy provides coverage for Defence Costs and Compensatory Damages that Directors and Officers may be legally liable to pay. Directors and Officers of a Company take a multitude of decisions on behalf of the Company. However, if these decisions go wrong, the Directors and Officers can be held liable for these decisions. An adverse judgment may also put the Director’s personal assets at risk. As a result, it is especially important for the Company to provide some form of Indemnity to the Directors and Officers of a Company so that they can take the decisions freely. Such protection is provided by a D&O Liability Insurance Policy.

Public Offering of Securities Liability Insurance Policy

A Public Offering of Securities Insurance Policy (POSI Insurance) protects a company against the legal liability arising from alleged misstatements or omissions in the prospectus documents of a Company. The Insurance Policy provides coverage for defense costs, and compensatory damages related to lawsuits or claims asserting that misleading, erroneous, or inadequate information was disclosed in the Company’s Security Offering Prospectus.

Trade Credit Insurance Policy

A Trade Credit Insurance Policy is a risk management tool that safeguards your company against the risk of unpaid invoices. Trade Credit Insurance ensures that the company’s financial position is not affected by the non-payment of dues from one or more of your customers. It is also commonly known as Bad Debts Insurance or Accounts Receivable Insurance and is an efficient way of protecting yourself against the risk of Unpaid Receivables for Sales made on Credit Basis.

Commercial Crime Liability Insurance Policy

A Commercial Crime Insurance Policy provides protection against loss of money, securities or property caused by Theft, Burglary, Fraud or Forgery by an Employee or Third Party.

Some key coverages provided by a Commercial Crime Insurance Policy include:

1. Employee Theft: Covers direct losses from theft of money, securities, or property by employees, acting alone or in collusion.
2. Forgery or Alteration: Covers direct losses from forgery or alteration of any Cheque, Demand Draft, or similar written promise by the insured to pay a specific sum of money.
3. Computer and Fund Transfer Fraud: Provides Coverage for direct loss sustained by the Insured caused by Theft of Money or Securities held by an Insured, committed by the Third Party’s unauthorised access to the Computer System of the Insured.

Group Health Insurance Policy

A Group Health Insurance Policy, also referred to as a Group Medical Insurance Policy or a Corporate Health Insurance Policy, provides reimbursement for hospitalization expenses incurred by employees throughout the year. Typically, companies purchase Group Health Insurance Policies to provide health insurance coverage for their employees. In addition to coverage for hospitalisation expenses, a Group Medical Insurance Policy also covers Pre and Post-Hospitalization Expenses, coverage for Pre-Existing Diseases and Daycare Procedures. A big benefit of Group Medical Insurance Policy is that the Policy can cover Pre-Existing Diseases without any waiting periods whereas an Individual Health Insurance Plan has a Waiting Period of 3-4 years for Pre-Existing Disease Coverage.

Group Personal Accident Insurance Policy

A Group Personal Accident Insurance Policy provides reimbursement to the Insured in case of Death or Disablement of the Policyholder because of an accident. The Policy provides lumpsum payment to the Insured person or their family in the event of accidental death or disablement. The policy is usually purchased by organizations to cover their employees. The premium is paid annually and is usually borne by the organization buying the group policy to provide accident cover for their members.

Workmen’s Compensation Insurance Policy

A Workermen’s Compensation Insurance Policy covers the legal liability of employers to provide compensation to employees or their family members in the event of accidental death or disablement of the employees during the course of employment. The Insurance Policy provides coverage for Accidental Death, Permanent Total Disablement, Permanent Partial Disablement, and Temporary Total Disablement. The compensation provided under the Policy can help cover Medical Expenses, Lost Wages, and other related costs for the injured or deceased employee and their family members.

Fire Insurance Policy

A Fire Insurance Policy is a form of Property Insurance which provides reimbursement for damage to the Insured Assets because of Fire and allied perils. The Policy covers the cost of repairing or replacing damaged assets and property and helps resume operations after a fire. A Fire Insurance Policy is important for factories, buildings, homes, stocks, etc. as even small fires can lead to huge losses.

Contractors All Risk Insurance Policy

A Contractor’s All Risk Insurance Policy provides coverage for Material Damage and Third-Party Liability to Civil Construction Projects. The Policy provides coverage for damage to construction material, plant and machinery, temporary structure like roads, sheds etc. The Insurance Coverage under the Contractors All Risk Insurance Policy starts when the first construction materials arrive on site, remains active throughout the actual construction period and continues during the maintenance period as well. Contractors All Risk (CAR) Insurance Policies are normally purchased by builders, developers, and contractors for construction projects to get protection against unforeseen losses during the construction phase.

Surety Bonds Insurance

Surety bond insurance is a risk transfer mechanism that guarantees a contractor’s performance. A Surety Bonds provides assurance to the Principal that the Contractor will complete the Project as per the terms and conditions. If the contractor defaults, the Surety Company pays the damages. A Surety Bond protects the contractors against non-performance in case of contractual default. The Surety Insurer backs the contractor’s commitments to the Project Owner. Surety Bonds are used to guarantee the performance of a contractor, supplier, or other party in a business transaction. Surety Bond Insurance always involves 3 parties:

• The first party is the Principal who is going to be the beneficiary, if the Surety Bond is called upon;
• Second Party is the Contractor
• The final party is the Surety Provider. The Surety Provider is basically the Surety Bond Insurance Company.

Surety bonds can be used as a substitute for Bank Guarantees.

Marine Insurance Policy

A Marine Insurance Policy protects the Insured Party for the damage to t/he Insured Cargo whilst in transit. A Marine Insurance Policy can be availed for ocean voyage as well as inland transits involving road or rail transport. There are different types of marine insurance policies like Single Transit Policy, Marine Open Policy, Sales Turnover Policy and Duty Policy.

Event Insurance Policy

An Event Insurance Policy provides comprehensive insurance coverage for various risk exposures faced when organising an event. The Event Insurance Policy provides coverage for the following:

1. Event Cancellation: The Event Cancellation Section of the Policy reimburses the Insured Party for any irrevocable insured expenses incurred if the event gets cancelled.
2. Material Damage: The Material Damage Section reimburses the Insured for any damage caused to sets, costumes, props etc which are installed at the venue of the Insured Event on account of fire and allied perils.
3. Public Liability: The Public Liability Section indemnifies the Insured against the legal liability for accidents resulting in Bodily Injury or Property Damage at the venue of the Insured Event.

Event organisers should purchase an Event Insurance Policy to mitigate potential losses from event cancellation or accidents at the venue. Insurance Premiums will depend on the type of event, scale, location, and other risk factors.

What is Personal Insurance?

Personal Insurance is a broad category of Insurance that helps protect an Individual and his family members various risks that they are exposed to. Different types of personal insurances are Motor Insurance, Health Insurance, Personal Accident Insurance Policy, Travel Insurance etc.

We will cover each of these Insurance Policies in detail:

Health Insurance Policy

Health Insurance Policies provide cover for hospitalisation expenses of an Insured Individual incurred due to illness or injury. Purchasing a Health Insurance Policy for yourself and family members is very important in today’s times given rising medical costs. Health insurance also provides other benefits like tax savings, and additional covers like critical illness cover, which reduces your financial burden and gives you peace of mind. There are also various other types of Health Insurance Policies available such as Individual Health Insurance, Family Floater Health Insurance, Senior Citizens Health Insurance and Critical Illness Insurance.

Motor Insurance Policy

Motor Insurance, also known as Vehicle Insurance, provides coverage for accidental damages to the Insured Vehicle as well as legal liabilities incurred because of bodily injury or property damage caused to the Third Parties because of an accident caused by the Insured Vehicle. Various types of vehicles such as Private Vehicles and Trucks can be insured with a Motor Vehicle Insurance Policy. In India, a Motor Insurance Policy is mandatory under the Motor Vehicles Act.

There are typically two main types of covers available under a Motor Insurance Policy:

1. Own Damage Cover: Own Damage Cover protects the Vehicle Owner against potential financial losses resulting from damages to the Insured Vehicle caused by Collisions, Fire as well as damages resulting from natural calamities such as floods, earthquakes, or storms. The Policy also covers losses arising due to Theft and Burglary.
2. Third-Party Liability Cover: Third-Party Liability Cover provides cover for the legal liabilities incurred by the Insured for Policyholder due to Bodily Injury or Property Damage caused to Third parties. A Comprehensive Motor Insurance Policy is a combination of Own Damage Cover and Third-Party Liability Cover.

Personal Accident Insurance Policy

A Personal Accident Insurance Policy is a type of Insurance Policy which provides coverage against Death or Disablement of the Policyholder because of an accident. A Personal Accident Insurance Policy provides financial protection to the Insured against uncertainties such as Accidental Death and Permanent or Temporary Disability resulting from an accident. In the case of Accidental Death of the Policyholder, the Nominee gets 100% of the Sum Insured as compensation from the Insurance Company. There are also various other compensations that are offered for accidental disability such as loss of eyes, limbs, and speech.

A personal accident insurance provides the following coverages:

1. Accidental Death: A Personal Accident Insurance Policy reimburses 100% of Sum Insured to the nominee in case of Accidental Death of the Insured
2. Permanent Total Disability: In case an accident results in Permanent Total Disablement of the Insured, such as loss of both limbs or loss of both eyes, the Policy pays 100% of the Sum Insured to the Policyholder.
3. Permanent Partial Disability: In case an accident results in Permanent Partial Disability, then the Personal Accident Policy pays a pre-specified percentage (usually 50%) of the Sum Insured as per the Policy Terms and Conditions.
4. Temporary Total Disability: In case an accident results in Temporary Total Disablement, a weekly allowance is provided to compensate for the loss in income.

Travel Insurance

A Travel Insurance Policy provides coverage for various unexpected losses and incidents that may occur during a trip. A Travel Insurance Policy provides cover for medical expenses that may arise because of illness or injury to the Insured during a trip. Additional covers include cover for loss of checked in baggage, passport, or personal belongings, as well as delays or missed flights. Additionally, if a traveler misses a connecting flight due to a delay of more than three hours, the Travel Insurance Policy offers reimbursement for the expenses incurred. Overall, travel insurance aims to provide financial security and assistance to travelers in case of unforeseen circumstances while they are away from home.

Home Insurance Policy

A Home Insurance Policy provides financial protection against losses resulting from damage to the structure or contents of a home caused by natural disasters like floods, fires, earthquakes, as well as man-made events such as theft, burglary, and robbery. The expenses associated with repairing or renovating a damaged property can be substantial, making it crucial to purchase an appropriate Home Insurance Policy.

It is important to carefully review the Policy Terms, including Coverage Limits, Deductibles, and Exclusions, to ensure adequate protection. A Home Insurance Policy gives peace of mind to homeowners that they are secure enabling them to recover from unforeseen crises and restore their homes.

List of General Insurance Companies in India

Over 30 general insurance companies operate in India including 25 private sector players. Backed by government ownership and decades of experience, leading public sector companies like New India Assurance, United India Insurance, Oriental Insurance, and National Insurance dominate the market. Private players like ICICI Lombard, Bajaj Allianz, HDFC ERGO, Tata AIG and Reliance General Insurance are also growing rapidly. The Insurance Regulatory and Development Authority of India (IRDAI) regulates all General Insurance Companies in India. It protects policyholder interests and promotes transparency through various guidelines.

We cover all the General Insurance Companies in India below:

General Insurance Companies in India - Public Sector

The New India Assurance Company

The New India Assurance Co. Ltd. is a leading Government-owned General Insurance Company in India with a presence in 25 Countries. The Company was founded by Sir Dorabji Tata in 1919 with its headquarters at MG Road, Fort, Mumbai. New India Assurance Company is a market leader in the Indian Non-Life Insurance Industry with a market share of 13.42%. New India Assurance Company has a huge network of 1925 Offices and over 13,000 employees. The Company reported a Gross Written Premium of Rs38,791 Crores and a Profit After Tax of Rs1055 Crores in FY23. The Company issued 3 Crore Insurance Policies and settled 1 Crore Insurance Claims in FY23. The Company sells a variety of Insurance Products such as Motor Insurance, Health Insurance, Group Mediclaim Policy, Cyber Liability Insurance, D&O Liability Insurance, Commercial General Liability Insurance Policy, Marine Insurance, Fire Insurance etc.

Oriental Insurance Company Ltd. (OICL)

Oriental Insurance Company Ltd was established in September 1947 and nationalized in 1973 along with other General Insurance Companies and is fully owned by the Government of India. The Company has its head office in New Delhi. Oriental Insurance Company recorded a Gross Premium of Rs15993 Crores and Loss After Tax of Rs4968 Crores for the Year Ending March 2023. Oriental Insurance provides Insurance Coverage for Motor Vehicles, Health, Personal Accident, Travel, Home, Fire, Marine Cargo, Engineering Insurance, Liability Insurance and other commercial risks and has around 12,000 employees serving customers across India.

National Insurance Company Ltd. (NICL)

National Insurance Company Ltd (NICL) was formed in 1906 and is one of the oldest general Insurance Company in India. The Company is headquartered in Kolkata (formerly Calcutta) and has an employee base of 8630 employees along with 882 offices spread across the country as on 31st March 2023. The National Insurance Company reported a premium of Rs15205 Crores and an Incurred Claim Ratio of 94.4% for FY23. The Company offers a diverse range of insurance services with around 300 different insurance products. Health Insurance constitutes the company’s largest segment with a premium of Rs6944 crores comprising 46% of its overall premium income followed by Motor Insurance which contributed around 33.5% of Gross Direct Premium Income of Rs5090 Crores. Other Insurance Products offered by the company include Cyber Liability Insurance Policy, Group Mediclaim Insurance Policy, CGL Insurance Policy, Workmen’s Compensation Insurance Policy, D&O Liability Insurance Policy etc.

United India Insurance Company Ltd

United India Insurance is one of India’s leading Public Sector General Insurance Company. The Company was incorporated on 18th February 1938 and is headquartered in Chennai, Tamil Nadu. The company was nationalised in 1972 by merging the operations of 12 Indian Insurance Companies, 4 Co-operative Insurance Societies, Indian Operations of 5 foreign Insurers and General Insurance Operations of Southern Region of LIC. The Company reported a premium of Rs15723 Crores in FY22 as compared to Rs16705 Crores in FY21. The Company reported a loss of 2135 Crores in FY22 vs a loss of Rs985 Crores in FY21. The Company has an employee strength of 11579 employees and a network of 1731 offices across the country. United India Insurance Company provides Insurance Coverage for Motor Vehicles, Health Insurance, Personal Accident Insurance, Travel Insurance, Fire Insurance Policy, Marine Cargo Insurance Policy and other products.

General Insurance Companies in India - Private Sector

HDFC Ergo General Insurance Company

HDFC Ergo is the 4th largest General Insurer in India with a Market Share of 6.5% and the second largest Private General Insurer. The Company reported a Gross Written Premium of Rs16,873 Crores in FY23 v/s Rs13,707 Crores in FY22 and a Profit After Tax of Rs652.7 Crores in FY23 v/s Rs500 Crores in FY22. The Company has a network of 215 Branches. The Company issued 12.2 million Insurance Policies and serviced 5.8 million claims in FY23. HDFC Ergo provides insurance various Insurance Products such as Motor Insurance, Health Insurance, Workmen’s Compensation Insurance, Product Liability Insurance, Trade Credit Insurance Policy, Public Liability Insurance, Marine Insurance, Contractors All Risk Insurance, Commercial Crime Insurance, Employment Practices Liability Insurance etc.

ICICI Lombard General Insurance Company

ICICI Lombard General Insurance Company is India’s leading private General Insurance Company and provides a comprehensive range of insurance products to retail and corporate customers. The Company reported a Gross Written Premium of Rs21,025 Crores in FY23 v/s Rs17,977 Crores in FY22, translating to a market share of 8.2%. The Profit After Tax stood at Rs1,729 Crores in FY23 v/s Rs1,473 Crores in FY22. The Company has a network of 305 Branches and an employee strength of 14,417 employees as on 31st March 2023. The Company issued 32.7 million Insurance Policies and serviced 3.6 million claims in FY23. ICICI Lombard General Insurance Company provides insurance various Insurance Products such as Health Insurance, Motor Insurance, Workmen’s Compensation Insurance, Liability Insurances such as Commercial General Liability Insurance, D&O Liability Insurance Policy, Cyber Insurance, Group Health Insurance, Group Personal Accident Insurance, Marine Insurance, Event Insurance, Commercial Crime Insurance, Employment Practices Liability Insurance etc.

Tata AIG General Insurance Company

Tata AIG General Insurance is a joint venture between Tata Group and American International Group (AIG). The Company commenced operations on 22 January 2001. The Company offers a wide range of General Insurance Products for individuals and businesses across Consumer and Commercial Lines. Key consumer products include Motor Insurance, Health Insurance, Travel Insurance and Home Insurance while Commercial Lines Products include Property Insurance Products such as Industrial All Risk Insurance Policy, Fire Insurance, Business Interruption Insurance, Marine Insurance, Liability Insurances such as D&O Liability Insurance, CGL Insurance Commercial Crime Insurance etc. The Company has a top 3 Position in Fire Insurance, Marine Insurance and Trade Credit Insurance Segments. The Company reported a Gross Written Premium of Rs13,448 Crores in FY23 v/s Rs10,686 Crores in FY22, translating to a market share of 5.9%. The Profit After Tax stood at Rs553 Crores in FY23 v/s Rs454 Crores in FY22. The Company issued 12.45 million Insurance Policies in FY23 v/s 9.14 million Policies in FY22.

Bajaj Allianz General Insurance Company

Bajaj Allianz is a leading private General Insurance Company in India and a joint venture between Bajaj Finserv Limited and Allianz SE. The Company was incorporated on 2nd May 2001 and the company conducts its operations with offices in 1100 towns and cities. The Company reported a Gross Written Premium of Rs15,487 Crores in FY23 v/s Rs13,788 Crores in FY22, translating to a market share of 6.0%. The Profit After Tax stood at Rs1348 Crores in FY23 v/s Rs1339 Crores in FY22. The Company reported an Incurred Claims Ratio of 72.9% in FY23. The Company issued approximately 2.8 crore policies and settled more than 50 lakh claims in FY23. Bajaj Allianz General Insurance Company provides Motor Insurance, Health Insurance, Travel Insurance, Fire Insurance, Marine Insurance, D&O Liability Insurance, Product Liability Insurance, Cyber Insurance products to its customers.

SBI General Insurance Company

SBI General Insurance Company is one of the fastest growing Private General Insurance Company in India. The Company was established in 2009 and has grown exponentially across India from 17 to 141 branches. The Company has an employee strength of 7,542 employees as on 31st March 2023. SBI General Insurance Company has won industry awards like ‘Insurer of the Year’ and ‘Best General Insurance Company’ in recent years. The Company has served 34 Crore Customers till date. The Company reported a Gross Written Premium of Rs10,888 Crores in FY23 v/s Rs9,259 Crores in FY22, translating to a market share of 4.2%. The Profit After Tax stood at Rs184 Crores in FY23 v/s Rs131.2 Crores in FY22. The Company issued close to 1.75 crore policies and settled more than 6.29 lakh claims in FY23. SBI General Insurance Company provides Motor Insurance, Health Insurance, Fire Insurance Policy, Marine Insurance, D&O Liability Insurance, Cyber Liability Insurance Policy, Surety Bond Insurance, Event Insurance Policy to its customers.

IFFCO-TOKIO General Insurance Company

IFFCO-Tokio General Insurance Company is a joint venture between Indian Farmers Fertiliser Co-operative Limited (IFFCO) and Japan’s Tokio Marine Group. The Company was formed in 2000. IFFCO holds 51 percent in the company and the remaining 49 percent is held by Tokio Marine Group. The Company reported a Gross Written Premium of Rs10,044 Crores in FY23 v/s Rs8,618 Crores in FY22. The Profit After Tax stood at Rs136 Crores in FY23 v/s Rs58 Crores in FY22. The Company issued close to 98 lakh policies and settled more than 11.79 lakh claims in FY23.The Company has an employee strength of 5,500 employees as on 31st March 2023 Iffco Tokio offers comprehensive insurance products across Motor Insurance, Health Insurance, Travel Insurance, Home Insurance, and specialized commercial lines such as Cyber Liability Insurance Policy, CGL Insurance Policy, Commercial Crime Insurance Policy, Public Liability Insurance Policy. With rural-focused initiatives and presence across India including small towns, IFFCO-Tokio leverages partnerships to increase insurance penetration. The company aims to be an industry leader through its qualified professionals, customer-centric approach, and diverse insurance solutions.

GoDigit General Insurance Company

Godigit General Insurance Company is a technology-driven General Insurance Company headquartered in Bengaluru. The Company was established in 2016 by Mr Kamlesh Goyal. The Company reported a Gross Written Premium of Rs7,243 crores in FY23 vs Rs5,268 Crores in FY22 while the Profit After Tax stood at Rs36 Crores in FY23 vs a loss of Rs296 Crores in FY22. The Market Share of GoDigit stood at 2.8% in FY23. GoDigit General Insurance is a leading player for Motor Insurance, Travel Insurance, Transit Insurance and Home Insurance Policy.

Kotak Mahindra General Insurance Company

Kotak Mahindra General Insurance Company is a 100% subsidiary of Kotak Mahindra Bank, one of India’s leading private sector banks. The company was founded in November 2015 and is headquartered in Mumbai and has 25 Branches across India as on 31st March 2023. The Company recorded a Gross Direct Premium of Rs1148.3 Crores in FY23 vs Rs753.9 Crores in FY22. Loss After Tax Stood at Rs117.3 Crores in FY23 vs loss of Rs82.98 Crores in FY22. The Company issued 31,94,507 Insurance Policies in FY23. The Incurred Claim Ratio for FY23 stood at 69% for the Company. Kotak Mahindra General Insurance Company offers a wide range of general insurance products to individuals, businesses, and institutions. Some of the products offered by the company include Motor Insurance, Health Insurance, Travel Insurance, Group Health Insurance Policy, Group Personal Accident Insurance Policy, Liability Insurance and Marine Insurance Policy.

Future Generali India Insurance Company

Future Generali India Insurance Company is a Joint Venture between Future Group, a leading retail and financial services conglomerate in India, and Generali Group, a 190+ year old global insurance provider. Generali Group has a 74% stake in the Joint Venture. The Company was established in 2006 and is headquartered in Mumbai. Future Generali recorded a premium of Rs4626.8 Crores in FY23 vs Rs4210.4 Crores in FY22. Profit After Tax Stood at Rs106.3 Crores in FY23 vs Rs119 Crores in FY22. The Company had an Incurred Claims Ratio of 66% for FY23. Future Generali specialises in Marine Insurance Policy, Motor Insurance, Health Insurance etc.

Cholamandalam MS General Insurance Company

Cholamandalam Investment and Finance Company Limited is a leading non-banking financial company in India. Cholamandalam MS General Insurance Company is a Joint Venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. Choldmandalam MS General Insurance has a strong presence in India, with 189 branches and 30,000 Insurance Intermediaries across the country. The Company recorded a Gross Direct Written Premium of Rs6156 Crores in FY23 vs Rs4824 Crores in FY22, translating to a market share of 2.87%. Profit After Tax Stood at Rs198.7 Crores in FY23 vs Profit After Tax Rs77 Crores in FY22. The Incurred Claim Ratio for FY23 stood at 71.24% for the Company. The Company issued 16.21 million Insurance Policies and serviced 570,000 Insurance Claims in FY23.

Royal Sundaram General Insurance Company

Royal Sundaram General Insurance Company is the first Private Sector General Insurance Company in India licensed in October 2000 by IRDAI. The Company was initially promoted as a joint venture by Sundaram Finance, one of the leading non-banking financial institutions (NBFCs) in India and other Indian Shareholders. In February 2019, Ageas Insurance International N.V. acquired 40% equity stake in Royal Sundaram from the existing Indian Shareholders and current shareholding of the Company stands at 50% held by Sundaram Finance, 40% held by Ageas Insurance International N.V. and 10% held by other Indian Shareholders. The Company recorded a Gross Direct Premium of Rs3380 Crores in FY23 vs Rs2867 Crores in FY22, translating to a market share of 1.3%. Profit After Tax Stood at Rs121 Crores in FY23 vs Profit After Tax of Rs131 Crores in FY22. Royal Sundaram General Insurance Company had 164 offices throughout the country as on 31st March 2023. The Incurred Claim Ratio for FY23 stood at 77% for the Company. Royal Sundaram General Insurance Company offers Motor Insurance, Health Insurance, Personal Accident Insurance and Travel Insurance Policies to individual customers and offers insurance products in Fire Insurance, Marine Insurance, Engineering Insurance, Liability Insurance and Business Interruption Insurance to commercial customers.

Shriram General Insurance Company

Shriram General Insurance Company was founded in July 2006, as a joint venture between Shriram Capital and Sanlam Limited, a leading insurance company in South Africa. The Company recorded a Gross Direct Premium of Rs2266 Crores in FY23 vs Rs1753 Crores in FY22. Profit After Tax Stood at Rs372 Crores in FY23 vs Profit After Tax of Rs663 Crores in FY22. Shriram General Insurance Company had 235 branches throughout the country as on 31st March 2023 and has tie-ups with 57,580 Insurance Agents. The Incurred Claim Ratio for FY23 stood at 68.3% for the Company. The Company settled more than 150,000 Insurance Claims in FY23. Motor Insurance business is the major segment of the Company, contributing to more than 90% of its total Gross Direct Premiums of the Company.

Reliance General Insurance Company

Reliance General Insurance Company is a leading General Insurance Company in India. The Company specialises in Personal Insurance Products such as Motor Insurance, Health Insurance, Travel Insurance and Commercial Insurances such as Commercial General Liability Insurance, D&O Liability Insurance, Group Health Insurance, Fire Insurance, Product Liability Insurance Policy, Cyber Liability Insurance etc. The Company crossed the Rs10,000 Crores mark of Gross Written Premium in FY23, recording a Gross Written Premium of Rs10,489 Crores in FY23 vs Rs9,505 Crores in FY22, translating to a market share of 4.8% for FY23. The Profit After Tax stood at Rs271 Crores in FY23 vs Rs242 Crores in FY22. Reliance General Insurance had an Incurred Claims Ratio of 77% for FY23.

Acko General Insurance Company

Acko General Insurance Company started operations in 2016 as Inda’ first Digital Insurer. ACKO has sold more than 60 Crore insurance policies till date and has served more than 50 million unique customers. Acko has focused on Embedded Insurance Products, with its micro-insurance product—Ola Trip Insurance, which insures cab passengers, being awarded the Golden Peacock Innovative Product Award. Acko offers a range of general insurance products, including Motor Insurance, Health Insurance, Travel Insurance, Home Insurance, and Commercial Insurance. The Company recorded a Gross Direct Premium of Rs966 Crores in FY23 vs Rs488 Crores in FY22 while Loss After Tax Stood at Rs551 Crores in FY23 vs Loss After Tax of Rs382 Crores in FY22.

Liberty General Insurance Company

Liberty General Insurance Company is a leading General Insurance Company in India and was founded in 2013 as a Joint Venture between Liberty Citystate holdings PTE Ltd, a group company of US Headquartered Liberty Mutual Insurance Group, a leading multinational property and casualty group, Enam Securities, a privately owned and managed firm that makes long-term investments in listed companies and DP Jindal Group, an industrial conglomerate. The Company is headquartered in Mumbai and offers a range of insurance products to Individuals, Families, and Businesses.

Magma HDI General Insurance Company

Magma HDI General Insurance Company is a joint venture between HDI Global SE, Germany and Magma Fincorp Limited. The Company was established in 2009 and is headquartered in Kolkata, India. The Company has served more than 4.6 million customers since inception. The Company has 133 branches across the country and has partnered with more than 7000 Insurance Agents to distribute its Insurance Products. Magma HDI General Insurance Company issued 15.83 lakhs Insurance Policies and serviced 75,651 Insurance Claims in FY21. The Company reported a Gross Written Premium of Rs1349 Crores in FY21 as compared to a Premium of Rs1293 Crores in FY20 and a Profit After Tax of Rs19.4 Crores in FY21 as against a loss of 6.01 Crores in FY20. Motor Insurance is the dominant business segment for the Company contributing to more than 70% of Gross Written Premium while Commercial and Health Segment contributed to 22.2% and 6% if the GWP for FY21 respectively.

Raheja QBE General Insurance Company

Raheja QBE General Insurance Company Limited is a Joint Venture between Rajan Raheja Group and QBE Insurance, Australia’s second largest global insurer. The Company is headquartered in Mumbai and offers a range of General Insurance Products under Personal and Corporate Insurance, including Motor Insurance, Health Insurance, Personal Accident Insurance, Workmen’s Compensation Insurance, CGL Insurance, D&O Liability Insurance, Fire Insurance, Group Health Insurance and Cyber Insurance Policy. The Company reported a Gross Written Premium of Rs396 Crores in FY23 vs Rs392 Crores in FY22 and Loss after Tax of Rs90 Crores in FY23 vs Rs90 Crores in FY22.

Universal Sompo General Insurance Company

Universal Sompo General Insurance Company Limited is a is a joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp. and Sompo Japan Insurance Inc, a leading General Insurance Company from Japan. The Company has 109 offices across India with 1800 employees. The Company recorded a Gross Direct Premium of Rs4103 Crores in FY23 vs Rs3456 Crores in FY22, translating to a market share of 1.6%. Profit After Tax Stood at Rs176.8 Crores in FY23 vs Profit After Tax of Rs118.6 Crores in FY22. The Company had an Incurred Claim Ratio of 78.18% in FY23. The Company issued 29,80,771 Insurance Policies issued in FY23 vs 25,36,425 Insurance Policies issued in FY22. The Company sells a variety of Insurance Products such as Motor Insurance, Group Personal Accident Insurance, Group Health Insurance Policy, Fire Insurance Policy and Liability Insurance.

Aditya Birla Health Insurance Company

Aditya Birla Health Insurance Co. Ltd. is a prominent Health Insurance Provider in India. The Company commenced operations in 2016 as a joint venture between Aditya Birla Group and MMI Holdings of South Africa. The Company has a nationwide distribution presence in over 2800+ cities through 90 branches and partner offices, 9 bancassurance partners and over 49,000+ direct selling agents. The Company specializes in Health Insurance and has various products such as Individual and Family Floater Health Insurance, Senior Citizens Health Insurance, Group Health Insurance and Group Personal Accident Insurance. The Company recorded a Gross Written Premium of Rs1301 Crores in FY23 vs Rs872 Crores in FY22, translating to a market share of 2%. The Company issued 6,20,299 Insurance Policies and settled 97,531 Insurance Claims in FY23.

Manipal Cigna Health Insurance Company

Manipal Cigna Health Insurance is another standalone health insurance company in India offering a wide range of Health Insurance Plans and Personal Accident Insurance Plans. Manipal Cigna Health Insurance is a Joint Venture between the Manipal Group, an eminent healthcare delivery player, and Cigna Corporation, a global health services company with over 225 years of experience. The Company has flagship indemnity plans such as ProHealth Prime and Lifetime Health which offer features like Unlimited Reinstatement of Sum Insured, No Room Rent Capping and Coverage Of Modern Treatments along with optional OPD coverage. Other plans include ProHealth Insurance, ProHealth Select, ProHealth Cash and critical illness plans to suit individual and family needs. The Company recorded a Gross Direct Premium of Rs1359.8 Crores in FY23 vs Rs986 Crores in FY22. Loss After Tax Stood at Rs200.9 Crores in FY23 vs loss of Rs255.95 Crores in FY22. The Company processed 4,15,825 Insurance Claims in FY23.

Care Health Insurance Company (formerly Religare Health Insurance Company Limited)

Care Health Insurance Company is the second largest standalone Health Insurance Company in India and a subsidiary of Religare Enterprises Limited. The Company offers a range of health insurance and Travel Insurance plans like Care Advantage, Care Freedom, Care Platinum, Explore, Student Explore etc The Company has tie-ups with more than 2,35,000 Insurance Agents. The Company recorded a Gross Written Premium of Rs5,238 Crores in FY23 vs Rs3,948 Crores in FY22. Profit After Tax Stood at Rs246 Crores in FY23 vs Profit After Tax of Rs11.5 Crores in FY22.

Niva Bupa Health Insurance Company (formerly Max Bupa Health Insurance Company Limited)

Niva Bupa, formerly known as Max Bupa Health Insurance Company Limited, is a joint venture between Fettle Tone LLP (SPV of True North Fund VI LLP - a leading Indian private equity firm), and the UK based healthcare services expert, Bupa. The Company is a Standalone Health Insurance Provider in India serving over 1 crore customers with 10,000+ Network Hospitals. They offer a range of Health Insurance Plans like ReAssure, Health Premia, Health Companion, Heartbeat etc for individuals and families. Key features of Niva Bupa’s Health Insurance Plans include cashless claims settlement at over 10,000 network hospitals, coverage for pre and post hospitalization, day care treatments, restoration of sum insured, etc. The Company has a network of 201 offices and an employee strength of 7375 employees as on 31st March 2023 Niva Bupa Health Insurance Company recorded a Gross Direct Premium of Rs4073 Crores in FY23 vs Rs2810 Crores in FY22. Loss After Tax Stood at Rs12.54 Crores in FY23 vs loss of Rs196.53 Crores in FY22. The Company issued 19,20,037 Insurance Policies in FY23.

Star Health and Allied Insurance Company

Star Health Insurance Company is India’s first Standalone Health Insurance Company, incorporated in 2006. It offers a range of Health Insurance Plans like Star Comprehensive, Star Premier, Star Cardiac Care, Star Critical Illness, etc. Key features of Star Health plans include cashless hospitalization, coverage for pre and post-hospitalization expenses, restoration of sum insured, no claim bonus. Star Health has a network of over 14,000 hospitals across India for cashless claims. The Company has insured 191 million lives and settled more than 82 million Insurance Claims since inception. The Company recorded a Gross Direct Premium of 13154 Crores in FY23 vs Rs11602 Crores in FY22. Profit After Tax Stood at Rs619 Crores in FY23 vs a loss of Rs1041 Crores in FY22. The Company processed 1.08 million Insurance Claims in FY23 and the Incurred Claim Ratio for FY23 stood at 63.58% for the Company.

What are the factors to consider when buying General Insurance Policies?

Purchasing a General Insurance Policy may seem complicated, but having the proper coverage is critical for protecting your assets. Follow these tips to make sure you select the right policy for your needs and budget.

1. Analyze your risks: Carefully evaluate your specific risks to determine what coverage you need. Common policies include health, home, auto, travel, and life insurance. Assess what assets need protection. If you are purchasing insurance for your business, select the right coverage for your business.
2. Understand Policy Benefits: Look at Insurance Coverage offered like Medical Expenses, Reimbursement for Property Damage, Death Benefits etc. Also check additional benefits like Cashless Claims Settlement, Global Coverage, Network Garage list etc. Also, carefully read the Policy Exclusions, Waiting Period and other policy terms and conditions to avoid surprises later.
3. Evaluate different Insurance Companies: Check Claim Settlement Ratios, Customer Reviews while comparing Insurance Companies. Compare Insurance Premiums across Insurers and look for ways to reduce costs through discounts. You should ensure adequate Insurance Coverage even if the Insurance premium are a little bit higher. Insufficient coverage can mean huge Claim Amounts which have to be paid out of Pocket. Purchase the Insurance Policy from a reputed Insurance Company by taking assistance of an experienced Insurance Broker.

What is the Claims Process in General Insurance?

If an incident occurs that is covered under a General Insurance Policy, the Insured can file a claim to recover his losses as per the policy terms and conditions. Here is a typical process to follow:

1. Intimate your Insurance Company: Inform the Insurance Provider promptly about the damage or loss through an email or by visiting the nearest branch. Provide basic incident details. Get the claim reference number for future correspondence.
2. Submit the Claim Form: The Insurance Company will provide a claim form which needs to be filled in with all essential information related to the extent of damage and cause of loss.
3. Submit Documents: Submit the required documents asked for by the Insurer. This usually includes Insurance Policy, KYC Documents, Invoices, Repair Estimates, Police Reports etc.
4. Survey and investigation: The Insurance Company will conduct a survey by appointing a suitable surveyor who visits the damage site and prepares a survey report with repair estimates. In the case of a Health Insurance Policy, the Insured will be eligible for cashless hospitalization or reimbursement. Note that the exact process varies for each type of Insurance Policy.
5. Claim Processing: The claim is assessed based on survey report, policy terms, and investigation. The Insurer may request additional documents if needed.
6. Settlement: Once satisfied, the Insurance Company will approve the claim and issue settlement through a cheque or online transfer to the bank account. If the Claim is not admissible under the policy, the claim will be rejected by the Insurance Company informing you of the reasons. Knowing the standard claims procedure in advance helps settle claims faster. Maintain proper documentation and close follow ups for seamless processing.

Tax Benefits for General Insurance

General Insurance Policies offer the following tax benefits:

1. Premium Paid is Tax-Exempt: The premium paid for Health Insurance Policies is eligible for tax benefit under Section 80D and 80C of the Income Tax Act up to the specified limits. This helps reduce your taxable income.
2. Claim Proceeds are Tax-Free: Any claim amount received from the insurance company on settlement of a valid claim is completely tax-free under Section 10(10D) of the IT Act. There is no tax applied on the claim proceeds.
3. Deduction for Home Loan Borrowers: Home loan borrowers can claim increased tax benefit on home insurance premium under Section 80C if certain criteria are met as per income tax laws.
4. Benefit for Businesses: The Insurance Premium paid for Commercial Insurances like Group Health Insurance, Fire Insurance, Liability Insurance Policies is eligible to be classified as tax deductible business expenses under Section 37(1) of IT Act.

Choose Qian as your Insurance Broker for General Insurance Policies

Qian is an experienced General Insurance Broker with tie-ups across multiple General Insurance Companies in India. Our team will assist you with comprehensive insurance coverages along with competitive quotes for all your policies. We will also assist you with all your Insurance Endorsements and Insurance Claims. If you have any further queries regarding General Insurance or wish to avail a quote, please reach out to us via email at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you.