Kotak Mahindra General Insurance Company on Friday said it has got IRDAI approval to commence business as an insurance company.
The announcement was made by the company on the eve of its 30th anniversary. It is a momentous occasion for us at Kotak Mahindra Group to receive the licence on the eve of our 30th anniversary,” said Gaurang Shah, president, Kotak Group asset management andinsurance business.
The promoters have set-up the new business with an investment of over Rs 100 crore and are not looking to tie up with a foreign investor in the near future.” If we find that having a joint venture partner is crucial to the business, then we will look at it at that point,” Shah added further.
Of the 22 private insurance companies operating in India, 19 already have a foreign partner
Kotak General Insurance has received permission to underwrite all classes of general insurancebusiness.
With increasing distribution network of Kotak Mahindra Group, growing brand equity and consumer franchise, the company believes that it will be able to leverage synergies and add significant value to general insurance business, Kotak General Insurance Chief Executive Officer Mahesh Balasubramanian said.
The merger of ING Vysya Bank with Kotak Mahindra Bank has also a larger customer base and an increased geographical footprint of spanning across 650 locations and 1,280 branches.As per industry estimates, general insurance market in India is currently at Rs 84,000 crore premium per annum and has been growing at a healthy rate of 15 percent for the last five years.
The announcement was made by the company on the eve of its 30th anniversary. It is a momentous occasion for us at Kotak Mahindra Group to receive the licence on the eve of our 30th anniversary,” said Gaurang Shah, president, Kotak Group asset management andinsurance business.
The promoters have set-up the new business with an investment of over Rs 100 crore and are not looking to tie up with a foreign investor in the near future.” If we find that having a joint venture partner is crucial to the business, then we will look at it at that point,” Shah added further.
Of the 22 private insurance companies operating in India, 19 already have a foreign partner
Kotak General Insurance has received permission to underwrite all classes of general insurancebusiness.
With increasing distribution network of Kotak Mahindra Group, growing brand equity and consumer franchise, the company believes that it will be able to leverage synergies and add significant value to general insurance business, Kotak General Insurance Chief Executive Officer Mahesh Balasubramanian said.
The merger of ING Vysya Bank with Kotak Mahindra Bank has also a larger customer base and an increased geographical footprint of spanning across 650 locations and 1,280 branches.As per industry estimates, general insurance market in India is currently at Rs 84,000 crore premium per annum and has been growing at a healthy rate of 15 percent for the last five years.
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