The insurance industry has been considered as one of the industries that has been changing rapidly in the changing economic environment throughout the world including India. The increased pace of market competition due to liberalization and globalization, force both the public and private sector insurance companies to be competitive by cutting cost, improving their revenues and serving in a better way to their clients/customers. In today’s challenging business environment, analysing the performance with respect to various parameters such as Premium received, Claims paid, etc., is one of the major and essential activities of insurance companies (both public and private sector) in general and for health insurance industry in particular in India. This is study is exploratory and analytical in nature and adopted for quantitative research approach and based on secondary data. In this study, four General/Health Insurance Companies (2 from Public Sector and 2 from Private Sector) are selected as samples based on the important performance indicators and are considered for data analysis. The period of study is 10 years starting from 2012-13 to 2021-22. Descriptive, Inferential (Independent Sample ‘t’ test) Analysis and Ratio Analysis are carried out to analyse the data. The study found that the performance of Public Sector General/Health Insurance Companies are performing better than Private Sector General/Health Insurance Companies during the study period. In case of Claim Settlements, the Private sector health/general insurance companies are performing better than the public sector health/general insurance companies. Overall, it is found that all the four general/health insurance companies are performing well during the study period. It is suggested that the health insurance service providers both in public and private sector should improve their focus on the claim settlements (procedures, admission of claims, time period of settlement, etc.) mechanism to their clients/policyholders. They should also improve the quality of insurance services to the maximum satisfaction of their clients at the reasonable price.