Top 15 Health Insurance Companies in India accompanied by their Health Claim Settlement Ratio(CSR) of F.Y 2019-2020.
|Sr no.||Health Insurance company||Claim Settlement Ratio|
|1.||IFFCO Tokio General Insurance||92.66%|
|2.||HDFC ERGO General Insurance||90.32%|
|3.||Bajaj Allianz General Insurance||88.35%|
|4.||Royal Sundaram General Insurance||86.79%|
|5.||Tata AIG General Insurance||85.99%|
|6.||Universal Sompo General Insurance||82.58%|
|7.||ICICI Lombard General Insurance||79.98%|
|8.||Star Health Insurance||78.62%|
|9.||United India Insurance Company||78.03%|
|10.||SBI General Insurance||76.20%|
|11.||Reliance General Insurance||74.96%|
|12.||Kotak Mahindra General Insurance||75.45%|
|13.||Acko General Insurance||74.09%|
|14.||Aditya Birla Health Insurance||70.81%|
|15.||Cholamandalam MS General Insurance||56.25%|
1. IFFCO Tokio General Insurance
- IFFCO Tokio General Insurance is a joint venture between Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Tokio Marine Group that was established in the year 2000.
- The former is the world’s largest fertilizer company, while the latter is one of Japan’s largest insurance companies.
- The Tokio Marine Group owns the remaining 49 percent of the corporation, while IFFCO owns 51 percent.
- It is a general insurance firm that sells vehicle insurance, bike insurance, travel insurance, home insurance, and corporate policies such as property insurance and liability insurance, in addition to health insurance plans.
- Individual health insurance plans, family floater health insurance plans, and senior citizen health insurance plans are among the options available from the insurer.
2. HDFC ERGO General Insurance
- HDFC Ergo General Insurance Co. Ltd. is a 51:49 joint venture between HDFC Ltd. (India’s largest housing finance company) and ERGO International AG (Germany’s largest insurance company) (which is the primary insurance entity of the Munich Re Group of Germany).
- The Ergo group owns the remaining 49 percent of the JV, which is 51 percent owned by HDFC Ltd.
- HDFC ERGO is the third-largest private general insurer in India, with a market share of 6.2 percent. Brokers, retail and corporate agents, bancassurance, and the company’s direct sales team make up the company’s vast distribution network.
- The business provides a wide range of items to meet the needs of Indian customers. ICRA has given HDFC ERGO General Insurance Co. an ‘iAAA’ rating, indicating its greatest claim-paying capabilities.
3. Bajaj Allianz General Insurance
- Another well-known insurance provider with a high claim settlement ratio is Bajaj Allianz General Insurance. It’s a partnership between Allianz SE and Bajaj Finserv Limited. Bajaj Allianz, one of the industry’s largest private insurers, has offices in more than 11 cities and towns.
- The insurer provides a variety of insurance options, including health insurance. The insurer provides cashless care to the insured through its health insurance plans, which include a network of over 6,500 hospitals.
- Individual health insurance plans, family floater health insurance plans, senior citizen health insurance plans, maternity health insurance plans, and other types of health insurance plans are available.
- The insurance has received numerous awards and accolades over the years, demonstrating that it provides dependable goods to its customers.
4. Royal Sundaram General Insurance
- The IRDA of India licensed Royal Sundaram General Insurance Co. Ltd., a subsidiary of Sundaram Finance, as the first private sector general insurance firm in India in October 2000.
- Sundaram Finance, one of India’s most reputable non-banking financial organizations, and Royal & SunAlliance Insurance plc, UK, one of the UK’s oldest general insurers, formed a joint venture to launch the company.
- Individual consumers can purchase Motor, Health, Personal Accident, Home, and Travel Insurance, while commercial customers can purchase specialty insurance packages for Fire, Marine, Engineering, Liability, and Business Interruption risks.
- The skillfully crafted goods of Royal Sundaram can help small and medium businesses, as well as rural customers.
5. Tata AIG General Insurance
- Tata AIG General Insurance Company Limited is a joint venture of Tata Group and American International Group.
- Tata AIG General Insurance Company Limited, which began operations in India on January 22, 2001, the firm has developed rapidly to become India’s premier private general insurance company. The asset base of Tata AIG is near INR 10,050 crores (as of 31st March 2019).
- The Company has a powerful multi-channel distribution network of 40,000+ licensed agents and 437+ licensed brokers scattered over India, with 200 offices.
- Over 6,000 people work for the company, including 550 claim experts and a specialized Customer Service and Operations staff.
6. Universal Sompo General Insurance
- Universal Sompo General Insurance Co. Ltd. is a collaborative effort between Indian Bank, Indian Overseas Bank, Karnataka Bank Limited, Dabur Investment Corporation, and the famous Japanese general insurer Sompo Japan Insurance Inc.
- They provide a comprehensive range of products for the Retail, Rural, SME, and Corporate markets. Universal Sompo General Insurance Co. Ltd chooses to believe that by instilling a ‘Caring’ attitude and a commitment of ‘Concern’ for the welfare of their customers and employees in times of distress, as well as being proactive in mitigating future risks, relationships with stakeholders are strengthened and nurtured.
- Their Customer Outreach initiatives include hosting Health Camps and Consumer Awareness Roadshows to empower their clients with the knowledge and improve their overall well-being.
7. ICICI Lombard General Insurance
- With a Gross Written Premium (GWP) of Rs135.92 billion for the fiscal year ending March 31, 2020, ICICI Lombard GIC Ltd. is one of India’s biggest private sector general insurance providers.
- The company had issued over 26.2 million policies and settled over 1.86 million claims as of March 31, 2020. We offer general insurance policies to protect you and your family from unforeseen circumstances.
- In India’s rural and metropolitan areas, ICICI Lombard can cover your company, personal, and project responsibilities.
8. Star Health Insurance
- Star Health and Allied Insurance Co Ltd were founded in 2006 as India’s first stand-alone health insurance provider, and it now gives excellent health, personal accident, and international travel insurance, among other services.
- Our focus has always been on service excellence and product innovation, with the goal of providing the best possible service to our consumers.
- They operate directly with customers as well as through various channels such as agents, brokers, and the internet. During the fiscal year 2019-20, Star Health underwrote a gross written premium of Rs.6865 crore and established a promising path with a net value of Rs.1889 crore as of March 31, 2020.
9. United India Insurance Company
- United India Insurance Company Limited was founded on February 18th, 1938. In 1972, India’s general insurance industry was nationalized.
- United India Insurance Company Limited merged 12 Indian insurance companies, 4 cooperative insurance societies, and the Indian operations of 5 foreign insurers, as well as the General Insurance operations of Life Insurance Corporation of India’s southern area.
- United India has grown by leaps and bounds since nationalization, with over 11500 employees dispersed throughout 2096 locations offering insurance coverage to 1.74 million policyholders.
- The company offers various insurance policies that cover everything you required.
10. SBI General Insurance
- The State Bank of India (SBI) and the Insurance Australia Group partnered to form SBI General Insurance Company Limited (IAG).
- To make insurance accessible to all individuals and organizations, the company offers a comprehensive range of general insurance products in the retail and commercial space at competitive pricing.
- In the retail area, the company offers Motor, Health, Personal Accident, Travel, and Home Insurance, while in the commercial space, it offers Aviation, Fire, Marine, Package, Construction & Engineering, and Liability Insurance.
11. Reliance General Insurance
- Reliance General Insurance is one of India’s very well general insurance firms. They serve a large number of customers, including individuals like you, corporations, and small businesses.
- You can now contact them and take advantage of their services at your leisure, thanks to their 139 offices and more than 28,900 intermediaries spread over India.
- They’ve also become considerably more accessible thanks to online and telephone services.
12. Kotak Mahindra General Insurance
- Kotak General Insurance is Kotak Mahindra Bank’s wholly-owned subsidiary. It is one of the Kotak Mahindra Group’s newest companies, founded to meet the expanding non-life insurance demands of a digital and emerging India.
- Through its offerings in Motor, Health, Home, Travel, Fire, and Marine, the company hopes to reach a wide range of consumers and geographies.
- They provide tailored products and services with effective claims handling processes through their customer-centric operations and digitally connected processes.
13. Acko General Insurance
- Acko General Insurance began operations in 2016 as India’s first digital insurer and is now the country’s fastest-growing insurance company.
- In just three years, they’ve revolutionized insurance by using technology to eliminate most of the paperwork, invented innovative products, and sold them to more than 50 million individual clients.
- This group has expanded from a small huddle of six when it first formed to a clan of over 400 members now.
- They’ve worked with some of the best companies in the digital world, like Ola, redBus, Amazon, and OYO, to name a few.
14. Aditya Birla Health Insurance
- The Aditya Birla Health Insurance Co. Limited (ABHICL) is a venture between the Aditya Birla Group and MMI Holdings of South Africa. Aditya Birla Capital Ltd owns it as a subsidiary (ABCL).
- Momentum Metropolitan Strategic Investments (Pty) Limited and Aditya Birla Capital Limited (ABCL), which was founded in 2015, own 51 percent and 49 percent of ABHICL, respectively.
- ABHICL began operations in October 2016 and is involved in the health insurance industry. Unique products like chronic care and incentivized wellness are part of the company’s current product portfolio.
- ABHICL has a distribution presence in over 2800 cities across the country.
15. Cholamandalam MS General Insurance
- The Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan, have formed a joint venture called Chola MS General Insurance Company Limited.
- Chola MS offers different insurance products for individuals and businesses, including auto, health, property, liability, marine, travel, and crop insurance.
- The company generated a Gross Written Premium (GWP) of INR 43,882 million in FY 2020-21. Chola MS presently has 132 offices across the country and over 50,000 intermediates.