Do you want to know the list of the best insurance companies in India? Read on to get detailed information about the top health insurance companies in India.
I overheard a conversation between two individuals when I took my parents to a nearby hospital for their annual check-up. They were talking about insurance companies.
When asked about which insurance company’s policy they would go for, one of the individual stated that there are five to six life insurance companies, besides Life Insurance Corporation of India (LIC), and he was planning to buy a LIC policy.
This took me by surprise as I did not expect people to be so ignorant about the numerous and reputable insurance companies present in the Indian market.
Are you too clueless about the number of life and non-life insurance companies in India today? Are you blind to see the plethora of choices around you?
If you do not know the answer, let me answer it for you!
Growth of the insurance industry
The Indian insurance industry currently has a total of 52 insurers today. Out of this, 24 are engaged in life insurance business, while the remaining 28 are engaged in the non-life insurance sector. The life insurance business has different types of plans like term plans, child insurance plans, Unit Linked Insurance Plans (ULIPs), pension plans, etc.
On the other hand, non-life insurance business offers motor insurance which includes both car insurance and two wheeler insurance, fire insurance, marine insurance, health insurance etc. Besides life and non-life insurers, the General Insurance Corporation of India (GIC Re) is the only reinsurance company in India which underwrites life and non-life business risks of the other 52 insurance companies.
Apart from insurance companies, the industry also comprises of individuals, corporate agents and brokers who sell insurance products. Surveyors are also needed for determination of claim in case of non-life business and Third Party Administrators (TPAs) who service health insurance claims.
The following table lists the names of all companies engaged in life and non-life insurance business sectors.
Out of the 28 non-life insurers, Agricultural Insurance Company of India Limited and Export Credit Guarantee Corporation of India Ltd. are specialized insurers.
The Indian insurance industry is currently valued at USD 60 billion with the non-life insurance business at USD 11.7 billion. With the increase in the share of foreign collaborators from 26% to 49%, the Indian insurance sector is expected to reach greater heights over the next few years with a compounded annual growth rate of 12% - 15%.
Do you want to settle for a bad deal on account of ignorance? No, right! Hence, it is important to know the insurance industry well so that you are aware of the choices available to you.