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HDFC ERGO combines one of India's strongest banking franchises with the underwriting depth of Munich Re's ERGO.
Operating in the Indian market since 2002
Registered and headquartered in Mumbai
HDFC Bank and ERGO (Munich Re)
Licensed general insurer regulated by IRDAI
HDFC ERGO combines one of India's strongest banking franchises with the underwriting depth of Munich Re's ERGO. The insurer writes retail and commercial lines including property, marine, liability, health and rural portfolios, and consistently ranks among the fastest claim settlers in the market.
We shortlist HDFC ERGO most often for mid-to-large property programmes and group health schemes, where the ERGO (Munich Re) underwriting lineage and wide retail-to-corporate range both count.
1.66% of claims decided were repudiated and 0.97% closed without payment; 98.85% of the claims paid were paid within three months of intimation. In FY2023-24 it paid 97.94% of claims decided. Ranked 2 of 24 general insurers on the share of claims paid. Source: IRDAI Handbook on Indian Insurance Statistics 2024-25, Table 53, published by IRDAI on 3 February 2026. Claim settlement ratio of every general insurer in India.
Solvency ratio 2.00 as at March 2025, against IRDAI's minimum of 1.50 (1.68 a year earlier): whether it could still pay after a very bad year. Solvency ratio of every insurer.
Market share: ₹15,817 crore of gross direct premium in FY2024-25, 5.1% of Indian general insurance, 9th of 34 insurers by size. By line: fire ₹1,759 crore (7.3% of the market); marine ₹159 crore (2.9% of the market); motor ₹3,064 crore (3.1% of the market); health with PA and travel ₹6,100 crore (4.8% of the market). Market share of every insurer.
Health insurance claims: an incurred claims ratio of 87.0% in FY2024-25 (group 81.5%, retail 89.9%), against 87.0% for all health insurers. Incurred claim ratio of every insurer.
Policy wordings: every HDFC ERGO product in IRDAI's register, with its UIN and wording PDF. HDFC ERGO policy wordings.
Insurer selection at RFS is never based on a single metric. We weigh claims behaviour on risks like yours, wording quality, engineering support and pricing before recommending a market.
Tell us about your risk and we will tell you honestly whether HDFC ERGO is the right market for it, and at what terms.
Company names and logos belong to their respective owners and are shown to identify insurers RFS places business with. RFS is an independent insurance advisory firm and is not affiliated with or endorsed by any insurer. Headquarters photo: Munich Re headquarters (ERGO parent), Munich — Carsten Steger, CC BY-SA 4.0, via Wikimedia Commons.
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