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{{short description|Indian insurance company}}
{{Use dmy dates|date=May 2018}}
{{Use Indian English|date=May 2018}}
{{Infobox company
| name = IndusInd General Insurance Company Limited
| former_name = Reliance General Insurance Company Limited (2000 - 2025)
| logo =
| caption =
| type = [[Private company|Private]]
| industry = [[Financial services]]
| foundation = {{start date and age|df=y|17 August 2000}}
| founders = [[Anil Ambani]]
| location_city = Westin, Goregaon, [[Mumbai]]
| location_country = [[India]]
| area_served =
| key_people = Rakesh Jain (CEO) Hemant K Jain (CFO) Prabhdeep Batra (CMO) Raman Arora (COO)
| num_employees = 7,233 (2024)<ref>{{cite web |title=Reliance General Insurance |url=https://www.datanyze.com/companies/reliance-general-insurance/406007102 |website=Datanyze |access-date=8 December 2024}}</ref>
| products = [[General insurance]] [[Health insurance]] [[Vehicle insurance]] [[Travel insurance]] [[Home insurance]] [[Crop insurance]] [[Marine insurance]]
| revenue =
| operating_income =
| net_income =
| assets =
| equity =
| subsid =
| parent = [[IndusInd Capital]]
| website = {{URL|https://www.indusindinsurance.com/}}
}}
'''IndusInd General Insurance Company Limited''' formerly '''Reliance General Insurance Company Limited''' is a private [[general insurance]] company and a subsidiary of [[Reliance Capital]], part of the [[Hinduja Group]]. Founded in 2000, it is headquartered in [[Mumbai]], India. As of March 2023, the company operates through a distribution network comprising over 131 branches and more than 75,000 intermediaries.<ref name="livemint">{{cite news |last1=Jaiswar |first1=Pooja Sitaram |title=Reliance General Insurance going strong, gross written premium rises 13% YoY to ₹8,208 cr in 9MFY23 |url=https://www.livemint.com/companies/news/reliance-general-insurance-going-strong-gross-written-premium-rises-13-yoy-to-rs-8-208-cr-in-9mfy23-11677313634512.html |publisher=[[Livemint]] |date=February 25, 2023 |archive-date=8 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241208171649/https://www.livemint.com/companies/news/reliance-general-insurance-going-strong-gross-written-premium-rises-13-yoy-to-rs-8-208-cr-in-9mfy23-11677313634512.html |url-status=live }}</ref>

As of April 2017, it held a 7.3% market share in the private sector.<ref name="india.com"/> It is the 5th largest private general insurance company in India,<ref name="livemint"/> with a 4.43% share in the overall [[general insurance]] market.<ref>{{cite news |last1=Sinha |first1=Shilpy |title=Reliance General raises Rs 200 crore from Reliance Capital |url=https://economictimes.indiatimes.com/markets/stocks/news/reliance-general-raises-rs-200-crore-from-reliance-capital/articleshow/102258313.cms |date=July 31, 2023 |archive-url=https://web.archive.org/web/20230801225427/https://economictimes.indiatimes.com/markets/stocks/news/reliance-general-raises-rs-200-crore-from-reliance-capital/articleshow/102258313.cms |archive-date=August 1, 2023}}</ref>

== History ==
''IndusInd General Insurance'' was incorporated on 17 August 2000<ref>{{cite news|title=Reliance General Insurance Company Limited|url=https://economictimes.indiatimes.com/company/reliance-general-insurance-company-limited/U66603MH2000PLC128300|access-date=13 April 2022|archive-date=13 April 2022|archive-url=https://web.archive.org/web/20220413160311/https://economictimes.indiatimes.com/company/reliance-general-insurance-company-limited/U66603MH2000PLC128300|url-status=live}}</ref> as ''Reliance General Insurance''. The company obtained its license to operate in the general insurance sector from the [[Insurance Regulatory and Development Authority of India]] (IRDAI) on 23 October 2000.<ref>{{cite news |title=In the matter of M/s. Reliance General Insurance Company Ltd. |url=https://irdai.gov.in/en/document-detail?documentId=379644 |publisher=IRDAI |date=September 18, 2015}}</ref> Reliance General Insurance is a 100% subsidiary of [[Reliance Capital |Reliance Capital Limited]], a diversified financial services holding company which was promoted by [[Reliance Group]] till 2025.<ref>{{cite web |last1=Mehta |first1=Sangita |title=Reliance General Insurance says no new biz if capital not received soon |url=https://economictimes.indiatimes.com/markets/stocks/news/reliance-general-insurance-says-no-new-biz-if-capital-not-received-soon/articleshow/98193091.cms |website=The Economic Times |date=24 February 2023 |access-date=14 December 2023 |archive-date=14 December 2023 |archive-url=https://web.archive.org/web/20231214060504/https://economictimes.indiatimes.com/markets/stocks/news/reliance-general-insurance-says-no-new-biz-if-capital-not-received-soon/articleshow/98193091.cms |url-status=live }}</ref>

The company has participated in various government crop insurance initiatives, including the [[Pradhan Mantri Fasal Bima Yojana]]. In FY 2016-2017, the company provided insurance coverage to over 3 million farmers as part of this financial inclusion initiative.<ref>{{cite news |title=Reliance General Insurance gets IRDAI nod for initial public offering |url=https://www.firstpost.com/business/reliance-general-insurance-gets-irdai-nod-for-initial-public-offering-4011073.html |publisher=[[Firstpost]] |date=September 5, 2017 |archive-date=8 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241208175239/https://www.firstpost.com/business/reliance-general-insurance-gets-irdai-nod-for-initial-public-offering-4011073.html |url-status=live }}</ref>

In September 2022, the company partnered with the [[Unique Identification Authority of India]] (UIDAI) to implement [[Aadhaar]]-based e-KYC services, enabling paperless identity verification and real-time claims processing.<ref>{{cite news |last1=Singha |first1=Anand |title=Reliance General Insurance & Paytm partner to offer customisable health solutions to customers |url=https://www.cnbctv18.com/personal-finance/reliance-general-insurance-and-paytm-partner-to-offer-customisable-health-solutions-to-customers-14735091.htm |publisher=[[CNBC TV18]] |date=September 15, 2022}}</ref>

In April 2023, Reliance General Insurance partnered with [[YES Bank]] to become the first general insurer in India to accept premium payments using the [[Reserve Bank of India]]'s Central Bank Digital Currency, [[e-Rupee]].<ref>{{cite news |last1=D'Cruze |first1=Danny |title=Reliance General Insurance starts accepting premiums in RBI's e-Rupee |url=https://www.businesstoday.in/latest/corporate/story/reliance-capital-takeover-hindujas-iihl-gets-regulator-nod-for-rs-9650-crore-buy-heres-what-happens-next-429228-2024-05-12 |publisher=[[Business Today (India)|Business Today]] |date=April 27, 2023 |archive-date=8 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241208175237/https://www.businesstoday.in/latest/corporate/story/reliance-capital-takeover-hindujas-iihl-gets-regulator-nod-for-rs-9650-crore-buy-heres-what-happens-next-429228-2024-05-12 |url-status=live }}</ref>

In May 2023, the [[Insurance Regulatory and Development Authority]] approved the transfer of shares in [[Reliance Capital]]'s insurance subsidiaries, including Reliance General Insurance, Reliance Health Insurance, and [[Reliance Nippon Life Insurance]], to the [[Hinduja Group]]'s Aasia Enterprises, as part of the insolvency resolution process. The transfer had faced delays due to concerns over the proposed structure but was cleared after discussions.<ref>{{cite news |title=Hinduja Group gets IRDAI approval for Reliance Capital acquisition |url=https://www.thehindubusinessline.com/money-and-banking/reliance-capital-acquisition-hinduja-group-iihl-gets-irdai-approval/article68165423.ece |publisher=[[The Hindu Business Line]] |date=May 11, 2024 |archive-date=8 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241208175232/https://www.thehindubusinessline.com/money-and-banking/reliance-capital-acquisition-hinduja-group-iihl-gets-irdai-approval/article68165423.ece |url-status=live }}</ref>

In July 2023, the company raised ₹200 crore by issuing equity shares to its parent company, [[Reliance Capital]], to support its solvency margin.<ref>{{cite news |title=Reliance General Insurance gets Rs 200 cr capital infusion from parent |url=https://economictimes.indiatimes.com/industry/banking/finance/insure/reliance-general-insurance-gets-rs-200-cr-capital-infusion-from-parent/articleshow/102254910.cms |publisher=[[The Economic Times]] |date=July 30, 2023 |archive-date=8 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241208181653/https://economictimes.indiatimes.com/industry/banking/finance/insure/reliance-general-insurance-gets-rs-200-cr-capital-infusion-from-parent/articleshow/102254910.cms |url-status=live }}</ref>

In August 2023, Reliance General Insurance was awarded the contract to implement the Megha Health Insurance Scheme and the [[Ayushman Bharat Pradhan Mantri Jan Arogya Yojana]] (Phase 6) for the citizens of [[Meghalaya]].<ref>{{cite news |title=Reliance insurance bags contract for Meghalaya universal health insurance scheme |url=https://economictimes.indiatimes.com/industry/banking/finance/insure/reliance-insurance-bags-contract-for-meghalaya-universal-health-insurance-scheme/articleshow/102536325.cms |publisher=[[The Economic Times]] |date=August 8, 2023}}</ref>

In the ''[[Forbes India]]'' Health Claim Settlement Ratio list for 2023-24, Reliance General Insurance reported a settlement ratio of 98.75%, with most claims settled within the first three months of initiation, placing it among the top private insurers in the sector.<ref>{{cite news |title=Health insurance companies and claim settlement ratio |url=https://www.forbesindia.com/article/explainers/health-insurance-claim-settlement-ratio/93305/1 |publisher=[[Forbes India]] |date=June 10, 2024 |archive-date=8 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241208175804/https://www.forbesindia.com/article/explainers/health-insurance-claim-settlement-ratio/93305/1 |url-status=live }}</ref><ref>{{cite news |last1=Ray |first1=Anulekha |title=Latest health and general insurance claim settlement ratio released in 2024 |url=https://economictimes.indiatimes.com/wealth/insure/health-insurance/latest-health-and-general-insurance-claim-settlement-ratio-in-india-released-in-2024/articleshow/108621073.cms |publisher=[[The Economic Times]] |date=March 19, 2024 |archive-date=8 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241208175804/https://economictimes.indiatimes.com/wealth/insure/health-insurance/latest-health-and-general-insurance-claim-settlement-ratio-in-india-released-in-2024/articleshow/108621073.cms |url-status=live }}</ref> It has established a diversified distribution network through partnerships with multiple banks, including [[IndusInd Bank]], [[Catholic Syrian Bank]], [[Andhra Bank]], and [[Bank of India]].<ref name="financialexpress"/>

== Products and services ==
IndusInd General Insurance offers insurance policies in categories such as car, two-wheeler, commercial vehicle, travel, home, office, personal accident, property, health, fire, engineering, and marine.<ref>{{cite web |title=Reliance General Insurance Co Ltd |url=https://www.bloomberg.com/profile/company/9256037Z:IN |website=[[Bloomberg.com]]}}</ref><ref name="india.com">{{cite news |title=Reliance General Insurance logs Rs 4,007 cr premium in FY17 |url=https://www.india.com/news/agencies/reliance-general-insurance-logs-rs-4007-cr-premium-in-fy17-2074512/ |publisher=[[India.com]] |date=April 27, 2017 |archive-date=8 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241208165448/https://www.india.com/news/agencies/reliance-general-insurance-logs-rs-4007-cr-premium-in-fy17-2074512/ |url-status=live }}</ref>

== Finance ==
In the quarter ending March 2024, Reliance General Insurance reported a net profit of ₹58.31 crore and revenue of ₹1,741.55 crore, with year-on-year growth of 1.13% and 16.21%, respectively.<ref>{{cite news |title=Reliance General Insurance Company standalone net profit rises 1.13% in the March 2024 quarter |url=https://www.business-standard.com/markets/capital-market-news/reliance-general-insurance-company-standalone-net-profit-rises-1-13-in-the-march-2024-quarter-124050700195_1.html |publisher=[[Business Standard]] |date=May 7, 2024}}</ref> In the fiscal year 2023, Reliance General Insurance reported a turnover of ₹103,390 crore, marking a 9.88% increase from the previous year.<ref>{{cite news |title=List of main insurance companies in India: ranking per 2023 turnover |url=https://www.atlas-mag.net/en/article/list-of-main-insurance-companies-in-india |publisher=Atlas Mag |date=2023}}</ref>

The company's [[Gross Written Premium]] for FY23 grew by 10%, rising from ₹9,504 crore in FY22 to ₹10,489 crore in FY23.<ref>{{cite news |title=Reliance General Insurance Company Limited |url=https://www.careratings.com/upload/CompanyFiles/PR/202402150231_Reliance_General_Insurance_Company_Limited.pdf |publisher=Careratings |date=February 28, 2024 |archive-date=8 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241208180701/https://www.careratings.com/upload/CompanyFiles/PR/202402150231_Reliance_General_Insurance_Company_Limited.pdf |url-status=live }}</ref>

In March 2017, the company reported a 40% growth in gross written premium, reaching {{INR}}4,007 crore, with a net worth of {{INR}}1,257 crore.<ref name="financialexpress">{{cite news |title=Reliance General Insurance IPO inches ahead; company files draft papers with IRDA |url=https://www.financialexpress.com/market/reliance-general-insurance-ipo-inches-ahead-files-draft-papers-with-sebi-807599/ |publisher=[[The Financial Express (India)]] |date=August 14, 2017 |archive-date=22 February 2025 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20250222235148/https://www.financialexpress.com/market/reliance-general-insurance-ipo-inches-ahead-files-draft-papers-with-sebi-807599/ |url-status=live }}</ref> In the financial year 2013-14, Reliance General Insurance reported a net profit of {{INR}}64.1 crore.<ref>{{cite news |title=Reliance General Insurance, Universal Sompo earn maiden net profit in FY14 |url=https://economictimes.indiatimes.com/wealth/personal-finance-news/reliance-general-insurance-universal-sompo-earn-maiden-net-profit-in-fy14/articleshow/37895517.cms |publisher=[[The Economic Times]] |date=October 8, 2023 |archive-date=29 March 2018 |access-date=7 May 2018 |archive-url=https://web.archive.org/web/20180329122429/https://economictimes.indiatimes.com/wealth/personal-finance-news/reliance-general-insurance-universal-sompo-earn-maiden-net-profit-in-fy14/articleshow/37895517.cms |url-status=live }}</ref>

== Controversies ==
In connection with an investigation by the [[Central Bureau of Investigation]], allegations were made regarding the involvement of unknown officials from the Finance Department of the [[Government of Jammu and Kashmir]], who, in conspiracy with Trinity Reinsurance Brokers, Reliance General Insurance Company, and other unidentified public servants, were accused of criminal conspiracy and misconduct. The allegations suggested that the actions led to pecuniary advantage for the involved parties and caused wrongful loss to the state exchequer during the period 2017-2018.<ref>{{cite news |title=CBI raids Satya Pal Malik's ex-press secretary's house in corruption case |url=https://www.nationalheraldindia.com/national/cbi-raids-satya-pal-maliks-ex-press-secretarys-house-in-corruption-case |publisher=[[National Herald]] |date=May 17, 2023 |archive-date=16 April 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20240416232433/https://www.nationalheraldindia.com/national/cbi-raids-satya-pal-maliks-ex-press-secretarys-house-in-corruption-case |url-status=live }}</ref>

In October 2023, Reliance General Insurance received [[Goods and Services Tax (India)|GST]] notices totaling ₹922.6 crore from the [[Directorate General of GST Intelligence]]. The notices were related to issues regarding GST payments on re-insurance commissions, co-insurance premiums, and input tax credits.<ref>{{cite news |last1=Chatterjee |first1=Dev |title=Reliance General Insurance gets Rs 922 crore GST notices from DGGI |url=https://www.business-standard.com/companies/news/reliance-general-insurance-gets-rs-922-crore-gst-notices-from-dggi-123100800262_1.html |publisher=[[Business Standard]] |date=October 8, 2023 |archive-date=8 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241208172549/https://www.business-standard.com/companies/news/reliance-general-insurance-gets-rs-922-crore-gst-notices-from-dggi-123100800262_1.html |url-status=live }}</ref>

== Awards and recognition ==
In 2021, the company received the Business Leader of the Year Award at the World Leadership Congress and Awards. It was also recognized as the Best General Insurance Company for Innovations at the 4th Insurance Alertss Conclave & Excellence Awards.<ref>{{cite web |title=Reliance General Insurance Company Limited |url=https://www.smcinsurance.com/insurance-companies/reliance-general-insurance |publisher=Smcinsurance |date=2021 |access-date=8 December 2024 |archive-date=18 January 2025 |archive-url=https://web.archive.org/web/20250118063853/https://www.smcinsurance.com/insurance-companies/reliance-general-insurance |url-status=live }}</ref>

In 2021, Reliance General Insurance was awarded ''[[The Economic Times]]'' Best Brand Award for the third consecutive year.<ref>{{cite news |title=Reliance General Insurance Bags ‘The Economic Times Best Brand 2021’ Tag |url=https://www.apnnews.com/reliance-general-insurance-bags-the-economic-times-best-brand-2021-tag/ |publisher=APN News |date=December 29, 2021}}</ref> The company was ranked #1 in the list of top 10 health insurance brands based on customer loyalty, according to an [[IMRB International|IMRB]] report released in 2015.<ref>{{cite news |last1=Saraswathy |first1=M |title=LIC, Reliance General win the loyalty race |url=https://www.business-standard.com/article/management/lic-reliance-general-win-the-loyalty-race-115091601415_1.html |publisher=[[Business Standard]] |date=September 16, 2015 |archive-date=3 December 2024 |access-date=8 December 2024 |archive-url=https://web.archive.org/web/20241203185341/https://www.business-standard.com/article/management/lic-reliance-general-win-the-loyalty-race-115091601415_1.html |url-status=live }}</ref>

== See also ==
* [[List of insurance companies in India]]

== References ==
{{Reflist}}
{{Insurance in India}}

[[Category:Financial services companies established in 2000]]
[[Category:General insurance companies of India]]
[[Category:Financial services companies based in Mumbai]]
[[Category:2000 establishments in Maharashtra]]
[[Category:Indian companies established in 2000]]

IndusInd General Insurance - Revision history

Bahoglalat: adding a pg