You are here: Home » Finance » News » Insurance
Business Standard

Kotak General Insurance gets IRDAI licence to commence business

It can now underwrite all classes of general insurance business Including health insurance

BS Reporter  |  Mumbai 

Irdai to make listing a must for large insurers

Kotak Mahindra General Company (Kotak General Insurance) announced it has been granted certificate of registration (R3) by Regulatory and Development Authority of India (IRDAI) to commence business as an Indian company.

The insurer has received permission to underwrite all classes of general insurance business (Including health insurance).

Mahesh Balasubramanian is the Chief Executive Officer of Kotak General Insurance. "Being a new entrant, we will have opportunities to embrace new technologies and developments in the digital world to provide innovative products and solutions, which will deliver superior customer experience," said Balasubramanian.

Kotak General Insurance will initially focus on the retail side of the business comprising motor insurance, health Insurance, home Insurance and travel insurance.

The company will soon expand into the commercial lines of business, which includes fire, burglary and marine among others. At inception, the general insurer has been capitalised at Rs 135 crore.

In November 2014, Kotak Mahindra Bank had announced that it will foray into the general insurance business.

Gaurang Shah, President - Asset Management, Insurance and International Business, Kotak Mahindra Bank, said it is a 100 per cent subsidiary of Kotak Mahindra Bank, which it the only bank promoted general insurance company without a foreign partner.

Shah also added that the merger of ING Vysya Bank with Kotak Mahindra Bank has also given them a larger customer base and an increased geographical footprint of more than 650 locations and 1,280 branches.

The general insurance industry has 28 companies and Kotak General will be the 29th company in the sector. This will take the total count of the number of insurers in India to 54, with 24 life insurers and 29 non-life insurers and one reinsurer.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 20 2015. 17:24 IST