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Chapter 07 Insurance Companies in India

Insurance Quotient Boosters

  • The Indian insurance sector has players from the public sector, private sector and some specialised insurers.
  • Public sector insurers and the specialised insurers are owned by the Government of India.
  • A lot of private sector insurers are a partnership between an Indian company and a foreign partner. However, there are some companies that are independent of any foreign partner as well.

There are a total of 34 General Insurance companies in India - 4 public sector companies, 2 specialized insurers and 28 private sector companies. List of players is given below along with details of Indian and foreign partners:

Public Sector Insurers
No. Insurance Company Ownership
1 National Insurance Co. Ltd. Government of India
2 New India Assurance Co. Ltd. Government of India
3 Oriental Insurance Co. Ltd. Government of India
4 United India Insurance Co. Ltd. Government of India
Private Sector Insurers
Sr. No. Insurance Company Indian Partner Foreign Partner & Country
1 Bajaj Allianz General Insurance Co. Ltd. Bajaj Finserv Ltd. Allianz SE of Germany
2 ICICI Lombard General Insurance Co. Ltd. ICICI Bank Lombard Canada Ltd.
3 IFFCO-Tokio General Insurance Co. Ltd. IFFCO Tokio Marine of Japan
4 Reliance General Insurance Co. Ltd. Reliance Group None
5 Royal Sundaram Alliance Insurance Co. Ltd. Sundaram Finance None
6 TATA AIG General Insurance Co. Ltd. TATA Group American International Group of USA
7 Cholamandalam General Insurance Co. Ltd. Murugappa Group Mitsui Sumitomo Insurance Group of Japan
8 HDFC ERGO General Insurance Co. Ltd. HDFC Ltd. ERGO International AG of Germany
9 Star Health Allied Insurance Co. Ltd. Star Health Investments Pvt. Ltd. ETA Ascon Group of Oman Insurance of West Asia
10 Apollo Munich Health Insurance Co. Ltd. Apollo Hospitals Group Munich Health of Germany
11 Shriram General Insurance Co. Ltd. Shriram Capital Ltd. None
12 SBI General Insurance Co. Ltd. State Bank of India (SBI) Insurance Australia Group (IAG) of Australia
13 Max Bupa Health Insurance Co. Ltd Max India Ltd. Bupa Finance PLC of UK
14 Future Generali India Insurance Co. Ltd. Future Group Generali Group of Italy
15 Universal Sompo General Insurance Co. Ltd. Allahabad Bank, Karnataka Bank, Indian Overseas Bank & Dabur Sompo Japan Nipponkoa Insurance Inc of Japan
16 Bharti AXA General Insurance Co.Ltd. Bharti Enterprise AXA Group of France
17 Raheja QBE General Insurance Co. Ltd. Raheja Group QBE Insurance Group of Australia
18 Religare Health Insurance Co. Ltd. Religare Enterprise Ltd., Union Bank of India & Corporation Bank None
19 Magma HDI General Insurance Co. Ltd. Magma Fincorp Ltd. HDI Group of Germany
20 Liberty General insurance Company Limited Enam securities and DP Jindal Group Liberty Group of USA
21 Cigna TTK Health Insurance Co. Ltd. TTK Group Cigna Corporation of USA
22 Kotak Mahindra General Insurance Co. Ltd. Kotak Mahindra Bank None
23 Aditya Birla Health Insurance Co. Ltd. Aditya Birla Nuvo Ltd. South Africa's MMI
24 DHFL General Insurance Ltd. Dewan Housing Finance Ltd. None
25 Acko General Insurance Limited Catamaran Ventures, Accel and SAIF Partners & Others None
26 Go Digit General Insurance Limited Fairfax Group None
27 Edelweiss General Insurance Company Limited Edelweiss Group None
Specialised Insurers
Sr. No. Insurance Company Ownership
1 Export Credit Guarantee Corporation of India Ltd. Government of India
2 Agriculture Insurance Company of India Ltd. Government of India
Test your knowledge!
Answer these questions real quick and check your score
Which of the following is a private insurer?
Which of the following Indian companies has partnered with South Africa’s MMI?
Who owns the Oriental Insurance Co. Ltd.?
Who is the Indian partner in Liberty General insurance Company Limited?
Who is the foreign partner in Religare General Insurance Co. Ltd.?
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Here's your score, Insurance Champ!
4/6

Chapter 08 Framework of HDFC ERGO