Which Are The Top 10 Car Insurance Companies In India?
India has over a billion people, and that’s just the population of the country, not to mention the number of vehicles on Indian roads! It’s not surprising, then, that vehicle insurance is big business. In fact, according to Business Today, it is estimated that auto insurance premiums in India will reach as much as $7 billion by 2017/2018 (that’s expected to be a staggering 20% growth on 2016), making it one of the fastest-growing insurance markets in Asia.
1) Bajaj Allianz
Bajaj Allianz was founded in 1945 by Jamnalal Bajaj. It is headquartered in Mumbai and has a network of over 2,000 branches across the country. It has a long-term partnership with Axa for insurance and claims handling services.
Bajaj Allianz offers two types of car insurance policies.
2) Royal Sundaram
Royal Sundaram is one of the top 10 car insurance companies in India and one of the leading insurers in the country. Founded in 1911, Royal Sundaram has a history of more than 100 years. Today, it offers affordable insurance products for cars and other vehicles and supports its customers through branch offices, an online portal, telephone lines and a mobile app.
3) Birla Sun Life
Birla Sun Life is one of the top ten car insurance companies in India. It has branches all over the country and provides a variety of different types of coverages. It offers personal accident insurance, health insurance, travel insurance, and general insurance.
4) ICICI Lombard
ICICI Lombard is the largest private sector general insurance company in India and is rated among the top 50 global financial services brands. It offers a wide range of products to individuals, families, businesses, and institutions.
5) United India Insurance Company Limited
United India Insurance Company Limited is one of the largest private-sector insurance companies in the country, offering a wide range of general insurance and life insurance products. It has been rated by A.M. Best as AA+, which indicates that it is financially strong and stable.
6) SBI General Insurance Co. Ltd.
SBI General Insurance Co. Ltd. is a joint venture between the State Bank of India and Tokio Marine & Nichido Fire Insurance Company, with its headquarters in Mumbai, Maharashtra. Established in 1993, it offers motor and non-motor insurance policies to both individuals and corporates. This company has received the Best Motor Insurer award from CII (Confederation of Indian Industry) for several consecutive years since 2001.
7) Federal Bank Home Loan & General Insurance Co. Ltd.
Established in the year 1944, Federal Bank Home Loan & General Insurance Co. Ltd. is a private joint stock company, operating as a subsidiary of Federal Bank Ltd. With its headquarters in Mumbai, it operates through its branches and sub-branches across the country. Their major products are general insurance services, home loans and commercial banking services.
8) Tata AIG General Insurance Co. Ltd
Tata AIG General Insurance Co. Ltd, a subsidiary of the Tata Group, is one of the largest insurance providers in India. It offers a diverse range of products and services to customers through its network of distribution channels. Their product portfolio includes life and non-life insurance solutions, which are offered to individuals and corporate clients.
The company was founded in 1978 with an initial investment of Rs.
9) Reliance General Insurance Company Limited
Reliance General Insurance Company Limited (RELGEN) is one of the most trusted insurance providers in the Indian market. Reliance General was founded in 1991 and is headquartered in Mumbai, Maharashtra. The company has a network of over 550 branches and 11,000 agents across India. This makes it one of the largest insurance companies in the country.
10) HDFC Ergo General Insurance Company Limited
HDFC Ergo General Insurance Company Limited is one of the top ten car insurance companies in India. They offer a variety of insurance products, including car, two-wheeler and travel. Their services are not limited to just insurance. They also provide solutions for investment, retirement planning and wealth management.