Bajaj Allianz General Insurance Company Limited
It is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. The company registered on May 2, 2001 to conduct General Insurance business (including Health Insurance business) in India. The company has an authorised and paid up capital of Rs.110 Crores and has a network of 31 offices across the country.
ICICI Lombard General Insurance Company Limited
It is a joint venture between ICICI Bank Limited India’s second largest bank and Lombard Canada Limited, one of the oldest property and casualty insurance companies in Canada. ICICI Lombard offers a wide range of retail and corporate general insurance customised products. The company has over 100 branches across the country.
IFFCO-TOKIO General Insurance Company Limited
It is a joint venture between IFFCO and The Tokio Marine and Fire Insurance Company Limited, Japan Krishak Bharati Cooperative Limited (KRIBHCO), and Indian Potash contributing 49 percent, 26 percent and 5 percent respectively to its Rs.100 Crores capital. After getting the licence the company started operations and is a leading private General Insurance Company in India in launching innovative insurance cover for farmers called the “Sankat Haran Policy” It is operating from 20 cities in India.
National Insurance Company Limited
It was incorporated in 1906 to carry out general insurance business and nationalised in 1972.In the same year, 22 foreign and 11 Indian Insurance Companies were amalgamated with National Insurance Company Limited, as a subsidiary company of General Insurance Corporation of India. In 2002, 25 with the passage of Insurance amendment Bill (2002), National Insurance Company has been delinked from GIC and has been functioning as an independent company. Apart from domestic insurance business the company also undertakes reinsurance and foreign operations.
New India Assurance Company Limited
The New India Assurance Company was incorporated on July 23, 1919 and commenced business from October 14, 1919. In 1972 the Government of India took over the management of the company along with allsite other non-life insurers in the country. New India Assurance was subsequently reconstituted taking over 23 companies. In2002, with the passage of Insurance amendment Bill, New India Assurance Company Limited has been delinked from GIC and has been functioning as an independent company.
Oriental Insurance Company Limited
The Oriental Insurance Company Limited is a public sector company and is one of the four subsidiary companies of the General Insurance Corporation of India. In 1956, Oriental became a subsidiary of the Life Insurance Corporation of India. On May 13, 1971 Government of India took over the management of all general insurance companies in India and nationalised the Oriental Fire and General Insurance Company under the General Insurance Corporation of India as one of the four subsidiaries. In 2002, with the passage of Insurance amendment Bill, the Oriental Insurance Company Limited has been delinked from GIC and has been functioning as an independent company.
United India Insurance Company Limited
United India Insurance is one of the four subsidiaries of the General Insurance Company carrying on general insurance business in India. In 2002, with the passage of Insurance amendment Bill (2002), United India Insurance has been delinked from GIC and has been functioning as an independent company.
Tata AIG General Insurance Company Limited
Tata AIG General Insurance Company Ltd. And Tata AIG Life Insurance Company Ltd. (collectively “Tata AIG”) are joint venture companies between the Tata group and American International Group Inc. (AIG), the leading U.S. based international insurance and financial services organisation. It has a capital of Rs.125 Crores out of which 74 percent has been brought in by Tata Sons and the remaining 26 percent by American partner. Tata AIG General Insurance Company Limited claims to be the first Indian insurance company to offer a comprehensive policy to cover various risks in the IT sector.
Royal Sundaram General Insurance Company Limited
The joint venture between Royal and Sun Alliance Insurance and Sundaram Finance Limited started its operation from March 2001. Royal and Sun Alliance is one of the world’s leading international insurance companies. The Sun was established in 1710 and is the oldest insurance company in existence still trading under its original name. The Alliance was founded in 1824 and the Royal in 1845.
Cholamandalam General Insurance Company Limited
It is promoted by Chennai based Murugappa Group. The company is founded with Rs.105 Crores out of which 75 percent is being held by Tube Investment, a Murugappa group company. While Cholamandalam Investment and Finance Company Limited holds 15 percent stake and the rest is by other privately held Murugappa companies with 5 percent stake each.
Reliance General Insurance Company Limited
Reliance group has announced its plans to enter the Indian insurance sector – both in the life and general insurance businesses. Reliance Industries plans to bring in around Rs.300 Crores into its insurance venture through its financial arm Reliance Capital Limited. The two companies will have an initial authorised capital of Rs.200 Crores each. This is the first Indian company without a foreign tie-up.
HDFC ERGO General Insurance Limited
HDFC, India’s premier financial services company and ERGO Corporation, leading global non-life insurer, entered into a joint venture agreement for non-life insurance in 2002. HDFC holds 74 percent and ERGO 26 percent in the joint venture company, HDFC ERGO General Insurance Limited with initial capital of Rs.100 Crores.