List of Motor Insurance Companies in India: Car Insurance

List of motor insurance companies

It is very important that you purchase the best insurance policy for your car because you don’t want any kind of stress at the time of claim settlement. Here are brief details of some top motor insurance companies operating in India. It may help you to understand about the companies.

If you have some knowledge about the insurance company then you can compare features, benefits and other things before buying the policy.

ICICI Lombard General Insurance Company Limited

ICICI Lombard was incorporated on 30 October 2000 and started its operation in January 2001. This is one of the best private General insurance companies in India. It has achieved Gross Written Premium of Rs.147.89 Billion for the year ended 31 March 2019.

This is the largest company in the private sector in the general insurance category in India. ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank, based in India, and Fairfax Financial Holdings Limited based in Toronto.

ICICI Lombard has 265 branches and 910 virtual offices in India. As of March 2019 it has more than 8400 employees in the company. Currently Mr. Bhargav Dasgupta is the company’s Managing Director.

ICICI Lombard has a strong handhold in the motor insurance industry and has more than 7000 partner garages.

It was awarded with the Golden Peacock National Training Award 2019 and Business excellence award 2018 by the Institute of Directors (IOD). It has iAAA Rating by ICRA.

This company has a wide range of products like Car insurance, Two -Wheeler Insurance, Commercial vehicle insurance, International travel Insurance, Personal Accident Insurance and many more products of general insurance.

Tata AIG General Insurance Company Limited

This is one of the best companies in India which is dealing with various general insurance products. It is a joint venture of TATA Group and AIG (American International Group).

This company started its operation since 22 January 2001 and has completed its 18 years in 2019.

The headquarter of the company is in Mumbai and has more than 200 offices in India. Tata AIG has more than 5000 employees and more than 22000 licensed insurance agents in the company.

As on the date of 31 March 2019 company has an asset base of approximately Rs. 10000 crores. This company also increased its online presence and have a good focus on digital tools.

It is a preferred private general insurance player in India. This company has a range of general insurance products like Motor Insurance, Health Insurance, and other products of insurance.

HDFC ERGO General Insurance Company Limited

HDFC Ergo is one of the most popular companies and has a good presence all over India. This is a joint venture of HDFC Ltd and ERGO International AG. HDFC (Housing development Finance Corporation) ltd is India’s premier housing finance institution and Ergo International AG is the entity of Munich Re Group.

This company provides Motor Insurance, Travel Insurance, Marine Insurance, Liability Insurance, Health Insurance, Home Insurance and other general insurance products.

It has a presence in more than 106 locations in India. HDFC Ergo has 120 branches and more than 3000 employees. This is an ISO certified general Insurance company in India.

It has its presence for private vehicle insurance and commercial vehicle insurance both.

Bajaj Allianz General Insurance Company Limited

This company received an IRDA certificate of registration on 2nd May 2001 and started business operation with various general insurance products including health insurance.

It is the joint venture of Bajaj Finserv Limited and Allianz SE. Bajaj finserv holds 74% and 26% ownership holds by Allianz.

This is one of the fastest-growing companies. Bajaj Allianz deals in most of the general insurance products like Car insurance, Two-Wheeler Insurance, Health, Travel, Marine, Home and other insurance.

This company has a good record of achievements and awards. This company has received iAAA Rating from ICRA continuously for 13 years.

It has received the award of Domestic General Insurer of the Years-India at Insurance Asia Award 2019. It has received Digital Insurer Award in the Year 2017, and Year 2018 at Asia Insurance Industry Award.

The New India Assurance Company Limited

New India Assurance is the government owned company. This was founded by Sir Dorabji Tata in 1919. This is the largest general insurance company in India. This company has a vast network in urban and rural areas. It has its headquarters in Mumbai.

It a multinational general insurance company and operating in 28 countries. New India Insurance opens its first overseas office in London in 1020.

As per ended Financial year 31 March 2019 its total global business of Rs.26607 crores. Its Indian business cross Rs. 23910 crores in Financial year 31 march 2019.

New India Assurance Company has a total of 2395 offices in India including 1257 Micro offices. This Insurer has around 17702 employees and more than 68000 Agents.

This company is dealing in various general insurance products like Motor Insurance, health insurance, marine insurance, fire Insurance, Travel Insurance, Business insurance.

New India is the only direct general insurance company in India which is rated A-(Excellent) by AM BEST Company since 2007. It is awarded many time and the list is very long. The company was awarded by GOLDEN PEACOCK BUSINESS EXCELLENCE AWARD in 2017.

National Insurance Company Limited

National Insurance company is fully owned by the Government of India. It is the oldest general insurance company and started its operation on 5 December 1906 in Kolkata.

This is one of the best insurance companies operating in India. This company has a strong presence in the Indian general insurance market.

It has around 1730 offices and more than 13000 employees in the company. The company has more than 50000 insurance agents. It has achieved many national and international awards.

Some of these awards are like The Asset Asian Awards 2017, SKOCH order of Merit 2017 for general insurance category, Economic Times Iconic Brands 2018 (General Insurance Category), etc.

National Insurance is dealing with Motor Vehicle Insurance, Personal Accident, Rural Insurance and other various general insurance products.

The Oriental Insurance Company Limited

There are four public sector general insurance companies operating in India. The Oriental Insurance Company is one of them. This company starts its business in September 1947 from Mumbai. The headquarter is located in New Delhi, India.

It has 30 Regional offices and more than 1800 operational offices in India. Oriental Insurance has overseas operations also.

It has branches in Nepal, Kuwait and Dubai also. This company has around 15000 employees including its overseas operations.

This company offers so many products of general insurance. It has more than 170 products in its buckets.

Reliance General Insurance Company Limited

17 August 2000 the date when Reliance general Insurance company was incorporated. It is a private general insurance company in India and got the IRDA certificate in October 2000 to start the business.

This company is the part of Reliance Anil Dhirubhai Ambani Group. It has 128 branches and more than 2500 employees in India. It has more than 27000 insurance agents in the company.

United India Insurance Company Limited

United India Insurance Company was incorporated in February 1938. This is the hundred percent government-owned organization. It has more than 18000 workforce in the company.

United India has 1340 offices in several locations of India (Including urban and Rural areas. It has its headquarter in Chennai.

United India Insurance has its presence in more than 200 tier 2 & tier 3 towns and villages through Micro offices.

It has a variety of insurance products and is one of the leading insurance companies in India. Its deals in products like Car Insurance, Two-Wheeler insurance, Goods Carrying Vehicle, Mediclaims, and other products.

IFFCO TOKIO General Insurance Company Limited

IFFCO TOKIO is the joint venture between Indian Farmers Fertilizer Co-operative Limited (largest Fertilizer manufacturer) and TOKIO Marine Group (One of the largest insurance groups in Japan). It was incorporated in 2000.

IFFCO has 51 percent share and rest 49% owned by Tokio Marine Group. The company offers a comprehensive product of the general insurance business. it also provides cyber insurance.

It is the first general insurance company in India which underwrite mega policies. it is one of the leading general insurance companies.