Government General Insurance Companies In India
It has been developed with an objective to enable a single window access to information and services being provided by the various indian government entities.
Government general insurance companies in india. New india assurance company was the fourth public sector general insurance company listed in november 2017. United india insurance co. Thereafter different insurance companies operating in india at that time merged with united india insurance and the company became a government owned general insurer. Largest general insurance company the government intends to create the largest general insurance company in the public sector after the merger of these three public sector companies.
Life insurance corporation of india. Updated list of top 10 best general insurance companies in india to buy insurance plans 1. New india assurance co. Is a private public joint venture between three public sector banks namely indian overseas bank iob allahabad bank and karnataka bank.
General insurance corporation of india. The company has 1924 offices in the country and has employee strength of 13923 as on 31 03 2016. The company provides insurance services to the customers catering to almost all segments of general insurance business. New india assurance company limited.
Gic re has its registered office and headquarters in mumbai it was the sole 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. The firm offers policy insurance and renewal through its intermediaries and website. This multinational company is solely owned by the government and is the biggest in the public sector market. Icici lombard general insurance company limited is one of the leading private sector general insurance companies in india.
Gic re or gic of india is a state owned enterprise in india it was incorporated on 22 november 1972 under companies act 1956. In 2003 all shares of the company held by the general insurance corporation of india were transferred to the government of india. One of the leading fmgc companies of india and sompo japan nipponkoa a private japanese insurance company based out in tokyo. 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 re insurance industries in india.
The company has a gross written premium gwp of rs 147 89 billion fy 2019. Universal sompo general insurance company ltd.
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