List of insurance companies in India

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Following is the list of insurance companies in India which have been approved by the Insurance Regulatory and Development Authority of India (IRDAI) which is a statutory body regulating and promoting the insurance and reinsurance industries in India.There are three types of Insurance Companies in India which are as given below:

Contents

Life insurance companies

As of July 2024, IRDAI has recognized 24 life insurance companies. Following is the list: [1]

List is arranged chronologically based on their recognition by IRDAI
#CompanySectorHeadquartersFounded
1 Life Insurance Corporation of India Govt.Mumbai1956
2 HDFC Life Insurance Co. Ltd. PrivateMumbai2000
3 Max Life Insurance Co. Ltd. PrivateDelhi2000
4 ICICI Prudential Life Insurance Co. Ltd. PrivateMumbai2000
5 Kotak Mahindra Life Insurance Co. Ltd. PrivateMumbai2001
6 Aditya Birla Sun Life Insurance Co. Ltd. PrivateMumbai2000
7 TATA AIA Life Insurance Co. Ltd.PrivateMumbai2001
8 SBI Life Insurance Co. Ltd. PublicMumbai2001
9 Bajaj Allianz Life Insurance Co. Ltd. PrivatePune2001
10 PNB MetLife India Insurance Co. Ltd. PrivateMumbai2001
11 Reliance Nippon Life Insurance Company PrivateMumbai2001
12 Aviva Life Insurance Company India Ltd. PrivateGurugram2002
13Sahara India Life Insurance Co. Ltd.PrivateLucknow2004
14Shriram Life Insurance Co. Ltd.PrivateHyderabad2005
15 Bharti AXA Life Insurance Co. Ltd. PrivateMumbai2008
16 Future Generali India Life Insurance Co. Ltd. PrivateMumbai2007
17 Ageas Federal Life Insurance Co. Ltd. PrivateMumbai2008
18 Canara HSBC Life Insurance Co. Ltd. PrivateGurugram2008
19 Bandhan Life Insurance Co. Ltd. PrivateMumbai2008
20Pramerica Life Insurance Co. Ltd.PrivateMumbai2008
21 Star Union Dai-ichi Life Insurance PrivateMumbai2008
22IndiaFirst Life Insurance Co. Ltd.PrivateMumbai2009
23Edelweiss Tokio Life Insurance Co. Ltd.PrivateMumbai2011
24Credit Access Life Insurance limitedPrivateBengaluru2023
25Acko Life Insurance LimitedPrivateBengaluru2023
26Go Digit Life Insurance LimitedPrivatePune2023

Non Life insurance companies

As of January 2024, IRDAI has recognized 32 non-life insurance companies of which 5 are standalone health insurance companies. [2] [3]

CompanySectorHeadquartersFounded
1 Acko General Insurance Private Mumbai 2016
2 Aditya Birla Health Insurance Private Mumbai 2015
3 Agriculture Insurance Company of India Govt. New Delhi 2002
4 Bajaj Allianz General Insurance Private Pune 2001
5 Cholamandalam MS General Insurance Private Chennai 2001
6 Manipal Cigna Health Insurance Company Limited Private Mumbai 2014
7 Navi General Insurance Limited Private Bengaluru 2016
8 Go Digit Insurance Private Pune 2017
9 Zuno General Insurance Private Mumbai 2017
10 Export Credit Guarantee Corporation of India Govt. Mumbai 1957
11 Future Generali India Insurance Private Mumbai 2007
12 HDFC ERGO General Insurance Company Private Mumbai 2002
13 ICICI Lombard Private Mumbai 2001
14 IFFCO TOKIO General Insurance Private Gurugram 2000
15 Kotak Mahindra General Insurance Private Mumbai 2015
16 Liberty General Insurance Private Mumbai 2013
17 Magma HDI General Insurance Private Mumbai 2009
18 Niva Bupa Health Insurance Private New Delhi 2008
19 National Insurance Company Govt. Kolkata 1906
20 New India Assurance Govt. Mumbai 1919
21 Raheja QBE General Insurance Private Mumbai 2007
22 Reliance General Insurance Private Mumbai 2000
23 Care Health Insurance Ltd Private Gurugram 2012
24 Royal Sundaram General Insurance Private Chennai 2000
25 SBI General Insurance Private Mumbai 2010
26 Shriram General Insurance Private Jaipur 2008
27 Star Health and Allied Insurance Private Chennai 2006
28 Tata AIG General Insurance Private Mumbai 2001
29 The Oriental Insurance Company Govt. New Delhi 1947
30 United India Insurance Company Govt. Chennai 1938
31Universal Sompo General Insurance CompanyPrivate Mumbai 2007
32Kshema General Insurance LimitedPrivate Hyderabad 2023

Reinsurance companies

As of January 2023, IRDAI has recognized one reinsurance company. [4]

CompanySectorHeadquartersFounded
1 General Insurance Corporation of India Govt. Mumbai 1972

Related Research Articles

<span class="mw-page-title-main">Insurance</span> Equitable transfer of the risk of a loss, from one entity to another in exchange for payment

Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.

Chubb Limited is an American-Swiss company incorporated in Zürich, and listed on the New York Stock Exchange (NYSE) where it is a component of the S&P 500. Chubb is a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and is the largest publicly traded property and casualty insurance company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance.

<span class="mw-page-title-main">Catastrophe bond</span> Risk-linked securities

Catastrophe bonds are risk-linked securities that transfer a specified set of risks from a sponsor to investors. They were created and first used in the mid-1990s in the aftermath of Hurricane Andrew and the Northridge earthquake.

Insurance in India covers both the public and private sector organisations. It is listed in the Constitution of India in the Seventh Schedule as a Union List subject, meaning it can only be legislated by the Central Government only.

Insurance law is the practice of law surrounding insurance, including insurance policies and claims. It can be broadly broken into three categories - regulation of the business of insurance; regulation of the content of insurance policies, especially with regard to consumer policies; and regulation of claim handling wise.

<span class="mw-page-title-main">General Insurance Corporation of India</span> Indian public sector Insurance company

General Insurance Corporation of India Limited,, is an Indian public sector reinsurance company, headquarters in Mumbai, India. It was incorporated on 22 November 1972 under Companies Act, 1956. It was the sole nationalised reinsurance company in the Indian insurance market until the insurance market was open to foreign reinsurance players by late 2016 including companies from Germany, Switzerland and France. GIC Re's shares are listed on BSE Limited and National Stock Exchange of India Ltd.

<span class="mw-page-title-main">Niva Bupa</span> Indian health insurance company

Niva Bupa Health Insurance Company Limited is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India.

<span class="mw-page-title-main">HDFC ERGO General Insurance Company</span> HDFC ERGO

HDFC ERGO General Insurance Company Limited is a 51:49 joint venture firm between HDFC and ERGO International AG. It is one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The retail sector includes various products like health insurance, vehicle insurance, travel insurance, home insurance, personal accident insurance, and cyber insurance. The Corporate sector includes products like liability, marine, and property insurance. Rural sector products include rainfall index insurance, Pradhan Mantri Fasal Bima Yojana, and cattle insurance policy.

The Nonadmitted and Reinsurance Reform Act of 2010 is a United States law regulating the sale of insurance in states where the insurer is usually not authorized to sell insurance. It prevents states other than the home state of a U.S. insurance company from imposing regulations or taxes on the sale of nonadmitted insurance.

The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

<span class="mw-page-title-main">HDFC Life</span> Indian life insurance company

HDFC Life Insurance Company Limited is a long-term life insurance provider headquartered in Mumbai, offering individual and group insurance services. The company was incorporated on 14 August 2000.

<span class="mw-page-title-main">Health insurance in India</span>

Health insurance in India is a growing segment of India's economy. The Indian healthcare system is one of the largest in the world, with the number of people it concerns: nearly 1.3 billion potential beneficiaries. The healthcare industry in India has rapidly become one of the most important sectors in the country in terms of income and job creation. In 2018, one hundred million Indian households benefit from health coverage. In 2011, 3.9% of India's gross domestic product was spent in the health sector.

Motor Vehicle Insurance in India protects the motor vehicle owner against (a) the loss of or damage to the vehicle due to an insured risk, loss of use, theft, etc., and (b) indemnification if the vehicle owner is liable to any third party by law. Third-party insurance is a legal requirement. The vehicle's owner is legally responsible for any injury, danger, or damage to life or property of a third party caused or arising from the use of the vehicle in a public place. Driving without insurance in a public place is a punishable offence under the Motor Vehicles Act of 1988.

<span class="mw-page-title-main">Office of Insurance Commission</span> Regulator of insurance industry in Thailand

The Office of Insurance Commission (OIC) is the regulator of Thailand’s insurance industry operating under the supervision of the Thai Minister of Finance. The OIC is empowered to regulate insurance companies, brokers and agents and was established under the Thailand Government Insurance Commission Act B.E. 2550 which summarized the role of the Commission as "to supervise and promote insurance business conduct". Prior to this, insurance is regulated by the Department of Insurance, part of the Thai Ministry of Commerce.

<span class="mw-page-title-main">Liberty General Insurance</span> Indian Insurance Company

Liberty General Insurance Limited is a private general insurance company headquartered in Mumbai, India. It is a joint venture among US property casualty insurer Liberty Mutual Insurance Group, Indian private investment fund Enam Securities, and Indian industrial conglomerate DP Jindal Group.

Sadharan Bima Corporation is the one and only state-owned non-life insurer and reinsurer in Bangladesh under the Ministry of Finance, Government of the People's Republic of Bangladesh. Both Sadharan Bima Corporation, the non-life insurer, and Jiban Bima Corporation, the life insurer, were created under the Insurance Corporation Act of 1973 of Bangladesh.

Kotak General Insurance Company Ltd. is a general insurance company headquartered in Mumbai. It offers non-life insurance products like motor, health, home and others.

Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. The corporation was established in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. It provides a digital platform—website and an app—where users can compare insurance policies and other financial services from major insurance companies. The company is India's largest insurance aggregator, and has expanded its operations to the United Arab Emirates.

<span class="mw-page-title-main">Acko General Insurance</span> Insurance company in India

Acko General Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017. Acko follows an online-led model and hence all operations for the company are offered through the digital platform.

<span class="mw-page-title-main">Insurance Brokers Association of India</span> Indian trade association

Insurance Brokers Association of India (IBAI) is an Indian trade association and regulatory body for insurance brokers in India. All licensed insurance brokers in India must be members of the IBAI Insurance Broker Regulations.

References

  1. "List of Life Insurers". IRDAI. Retrieved 2023-01-31.
  2. "List of General Insurers". IRDAI. Retrieved 2023-01-31.
  3. "List of Health Insurers". IRDAI. Retrieved 2023-01-31.
  4. "List of Reinsurers". IRDAI. Retrieved 2023-01-31.