Top 5 Best General, Health and Motor Insurance Company for 2018

Top 5 Best General, Health and Motor Insurance Company – 2018. Life is full of unexpected events and risks. That is what it makes so interesting and exciting. But at times these unexpected events are irreversible and can really set you back. General Insurance or non-life insurance is the sector, which caters to the insurance needs connected to such events other than the risk on your life itself. General Insurance includes, vehicle insurance, health insurance and much more..

As you will be purchasing policies to tide over such difficult situations, in your day to day life, it is good to understand which insurance companies performed well in each insurance sector. That will help you to take informed decisions. IRDA ‘s Annual report 2016-17 provides a good insight to the performance of general insurance companies in India.

General Insurance in India – an overview

General Insurance in India 2016 17 an over view

The General Insurance market in India is highly dominated by the four public sector insures- National, New India, Oriental and United. The chart given below will give you a clear idea on the split up of the ‘gross direct premium income’ of all the General and Health insurers in India.

Insurer Total Premium Market Share
2015-16 2016-17 2015-16 2016-17
Public Sector Insurers
National 11976.07 14237.54 12.43% 11.11%
New India 15149.51 19114.69 15.72% 14.92%
Oriental 8314.74 10803.34 8.63% 8.43%
United 12250.36 16062.8 12.71% 12.54%
Sub-Total 47690.68 60218.37 49.48% 47.00%
Private Sector Insurers
Bajaj Allianz 5832.15 7633.28 6.05% 5.96%
Bharti AXA 1274.42 1314.09 1.32% 1.03%
Cholamandalam 2452 3133.28 2.54% 2.45%
Future Generali 1555.26 1815.5 1.61% 1.42%
HDFC ERGO* 3379.55 3964.45 3.51% 3.09%
ICICI Lombard 8090.71 10725.2 8.39% 8.37%
IFFCO Tokio 3691.33 5563.7 3.83% 4.34%
Kotak Mahindra 3.71 82.05 0.00% 0.06%
Liberty Videocon 408.72 584.59 0.42% 0.46%
Magma HDI 403.94 419.49 0.42% 0.33%
Raheja QBE 28.76 58.92 0.03% 0.05%
Reliance 2791.56 3935.35 2.90% 3.07%
Royal Sundaram 1694.12 2188.78 1.76% 1.71%
SBI 2039.85 2604.49 2.12% 2.03%
Shriram 1712.27 2102.42 1.78% 1.64%
Tata AIG 2958.56 4167.97 3.07% 3.25%
Universal Sompo 903.79 1287.23 0.94% 1.00%
Sub-Total 39694.08 53804.95 41.19% 41.99%
Standalone Health Insurers
Aditya Birla 0 54.04 0.00% 0.04%
Apollo Munich 1022.18 1301.93 1.06% 1.02%
CignaTTK 143.82 221.8 0.15% 0.17%
Max Bupa 476.01 593.93 0.49% 0.46%
Religare 503.32 726.07 0.52% 0.57%
Star Health 2007.34 2960.05 2.08% 2.31%
Sub-Total 4152.67 5857.83 4.31% 4.57%
Specialized Insurers
AIC 3521.22 6979.56 3.65% 5.45%
ECGC 1320.73 1267.62 1.37% 0.99%
Sub-Total 4841.95 8247.19 5.02% 6.44%
Grand Total 96379.38 128128.34 100.00% 100.00%
General Insurance In India – Segment wise break up

The Motor insurance is the largest general insurance segment with a share of 39.22 percent (43.89 percent in 2015-16). The premium collected was 50250.53 Crores. The premium collection in Health segment was 34,527 crore in 2016-17 with a market share of 26.95%. The complete segment wise analysis is provided in the info-gram provided below.

General Insurance in India segment wise break up

Top 10 General Insurance Companies – Based on premium income.

The public sector general insurer, New India Insurance Company, top the chart with a premium of 21597.92 crores premium income. The four public sector insurance companies hold the first four positions, followed by ICICI Lombard General Insurance CO Ltd.  The info-gram provided below gives the premium income of top 10 companies for the financial years 2015-16 and 2016-17.

Top 10 General Insurance companies in India based on premium income

Motor Insurance Companies – Ranking based on Premium Income

New India Assurance company tops the chart with 7600.67 crores of premium for the financial year 2016-17. ICICI Lombard is the largest private sector motor insurer which is in the fourth position, pushing Oriental Insurance company (Public Sector) to the fifth position.

Genderal Insurance Companies based on motor insurance alone

General Insurance Companies – Time taken to settle Claim

As the prime duty of the insurance company is to settle claim in a speedy and prompt manner, it is good to analyse the company, based on the time taken to settle the claim amount. The info-gram given below will give you a clear idea on the time taken to settle the claim amount. You can see which companies settled claims within 6 months and which took more than one year to settle claims. ICICI Lombard and Liberty Videocon settled 99% of their claims within a period of six months. On the other hand Sriram took more than one year to settle 22% of their claims.

General Insurance - time taken for claim settlement

Now in order to find the top 10 general insurers from the above list, ‘premium income’ and ‘time taken to settle the claim’ were taken together. First, top 10 insurers based on ‘premium income’ was taken and then it was sorted in the order of ‘time taken to settle claim’ from lowest to highest. The resultant list is given below.Top 10 general insurers based on premium income and time taken to settle claim.

General Insurance Companies in India – Repudiation/Rejection of Claims

The percentage of claims settled by the company also is an important factor to be considered. There could be fraudulent claims which cannot be settled by the company and need to be rejected out right. But another chance is that the claim is purposefully rejected by the company irrespective of the genuinity of the material facts. The info-gram given below will give a clear idea on the claim rejection.

Claim repudiation rejection by general insurers in Inidia

Ranking based on the claim repudiation ratio is given below. Facts like ‘ICICI Lombard’ which settles 99 % of the settled claims within a period of 6 months rejects about 9.48 % of the total claims will be hard to digest. Top ten insurance companies based on claim rejection ratio

These charts are self explanatory and will help you to take informed decisions while taking your new policies. As sufficient data is provided to rank your insurer, I am not giving any ranking list for insurers.

Along with the selection of insurer, you should analyse the features of the policies also. Always make sure that the clauses and fine prints will not affect the expected  benefits from the policy.

Read More: Best Life Insurance company in 2018 based on claim settlement 

Anish L J
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Anish L J

Anish L J is a 'Financial Planner' and member of Chartered Insurance Institute(CII), London. He is also a finance, insurance and software consultant with more than 20 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'INSURANCE FUNDA' (www.insurancefunda.in) is his endeavor to provide simple and solid solutions in the Insurance and Finance sectors.
Anish L J
Follow me

Anish L J

Anish L J is a 'Financial Planner' and member of Chartered Insurance Institute(CII), London. He is also a finance, insurance and software consultant with more than 20 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'INSURANCE FUNDA' (www.insurancefunda.in) is his endeavor to provide simple and solid solutions in the Insurance and Finance sectors.

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