Non life Insurance sector
1. Bajaj Allianz General Insurance Company Limited :
It was incorporated on 19th September 2000 and get certificate of registration on 2nd may 2001. It is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. It conduct general insurance business (Including health insurance business) in India. Its paid up capital is Rs. 110 Crores
Company offer following categories of products
- Fire insurance
- Motor Insurance
- Workmen Compensation
- Consequential loss (fire) insurance
- Engineering (Including electronics equipments, machinery, boiler explosion etc.
- Health insurance
- Personal accident
- Householders
- Overseas travel
2. ICICI Lombard General Insurance Company Limited
It is a joint venture between ICICI Bank Limited and Lombard Canada Limited (Oldest property and casualty insurance company in Canada). ICICI Lombard offer a wide range of retail and corporate general insurance customized product as under :
- Home Insurance
- Personal Care
- Fire and Special Peril Policy
- Consequential loss (fire) insurance
- Burglary Insurance
- Liability products like Public liability insurance act policy, Workmen Compensation
3. IFFCO – TOKIO General Insurance Company Limited
It is a joint venture between IFFCO and Tokio marine & fire Insurance Company Limited, Japan. Its paid up capital is Rs. 100 Crores. It is among India’s top three private sector general insurance companies. The company offer a wide range of unique customized policies , some of major products as under :
- Industrial All Risks
- Machinery Breakdowns
- Machinery Loss of Project
- Product Liability
- Marine (Cargo)
- Motor (Private/ personal Car/ Commercial Vehicles)
- Overseas Travel Insurance
- Cash Insurance
4. National Insurance Company Limited
National Insurance Company Limited was incorporated in 1906 and nationalised in 1972. Company carry out general insurance business. 1972, 22 foreign companies and 11 Indian Insurance Companies were amalgamated with National Insurance Company Limited as a subsidiary of General Insurance Corporation of India . Then in 2002, the company was de linked from General Insurance Corporation of India and now working as independent company. Company offers a wide variety of products and also carrying out reinsurance and foreign operations
5. New India Assurance Company Limited
New India Assurance Company Limited was incorporated in 1919 and was nationalised in 1972. Company carry out general insurance business. In 2002, the company was de linked from General Insurance Corporation of India and now working as independent company. Company offers a wide variety of products and also carrying out reinsurance and foreign operations
6. Oriental Insurance Company Limited
Oriental Insurance Company Limited was incorporated in 1947 as a subsidiary of Oriental Government Security Life Assurance Company Limited. In 1956 Oriental Insurance Company Limited becomes subsidiary of LIC. On 13th May 1971, Government of India took over the management of all general insurance companies in India, then in 1973, General insurance business was nationalized and General Insurance company came under the General Insurance Corporation of India . Then in 2002, the company was de linked from General Insurance Corporation of India and now working as independent company. Company offers a wide variety of products and also carrying out reinsurance and foreign operations. The Company head office is in New Delhi
7. United India Insurance Company Limited
It was one of the subsidiary General Insurance Corporation of India, In 2002, the company was de-linked from General Insurance Corporation of India and now working as independent company. Company offers a wide variety of products such as sports insurance, mediclaim policy, T.V. Policy , Floriculture Insurance, Agricultural Insurance etc. The Company head office is in Chennai
8. Tata AIG General Insurance Company Limited
It is a joint venture between Tata Group and AIG (American International Group Inc.). Its paid up capital is Rs. 125 Crores. It is the first Indian Insurance company which offers a comprehensive policy to cover various risks in the IT sector. Other products offered are property, casualty, marine, director and officers liability, accident, health, home owners and automobiles insurance
9. Royal Sundaram General Insurance Company Limited
Royal Sundaram General Insurance Company Limited is a joint venture between Royal and Sun Alliance Insurance and Sundaram Finance Limited. It started its operations from March 2001. The products offered by the company are:
- Travel Shield
- Accident Shield
- Health Shield
- Home Shield
10. Cholamandalam General Insurance Company Limited
Cholamandalam General Insurance Company Limited is promoted by Chennai based Murugappa group. The Company has capital of Rs. 105 crores. The products offeres following products
- Motor Insurance
- Home Insurance
- Electronic Insurance
- Neon Sign Insurance
- Machinery breakdown Insurance
- Marine Insurance
- Pet Insurance
11. Reliance General Insurance Company Limited
It is one of the fastest growing general insurance company in India. Reliance General Insurance Company Limited is a subsidiary of Reliance Capital. It provide insurance coverage to all categories of people and offers a wide range of insurance products. The company has a unique features covering customers centric products, multiple distribution channels and new modern technology.
12. Export Credit Guarantee Corporation of India Limited
Export Credit Guarantee Corporation of India Limited was established in 1957 by the Government of India. It function under the administrative control of the Ministry of Commerce, Government of India. The main objective was to strengthen the export promotion campaign by insuring the risk associated with exporting on credit. It is the fifth largest credit insurer of the world in term of coverage of national exports. The paid up capital of the company is Rs. 500 Crores.
The insurance products offered by the corporation includes
- Turnover Policy
- Small Exporter Policy
- Standard Policy
- Buyer wise Policy
- Insurance cover for buyer’s credit and line of credit service policy
- Construction Work Policy
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