JOIN USKotak Mahindra General Insurance Company has been granted the certificate of registration to commence business as an Indian insurance company by the Insurance Regulatory and Development Authority of India (IRDAI).
With this certificate, the company has completed all registration formalities required by the regulators. Kotak General Insurance has received permission to underwrite all classes of general insurance business (including health insurance), Kotak Mahindra group said.
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, marine, etc.
At inception, Kotak General Insurance Company has been capitalised at Rs 135 crore, the group said.
“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 per cent for the last five years.
“With the addition of general insurance business, Kotak Mahindra Group with existing presence across banking, wealth management, life insurance, broking, mutual funds and alternate asset management will be able to offer the complete range of financial products and services to our retail and wholesale customers,” Kotak Mahindra Bank Asset Management, Insurance and International Business president Gaurang Shah said.