IRDAI permits Kotak Mahindra General Insurance to start ops

Kotak Mahindra General Insurance Company (Kotak General Insurance) on Friday said it has got IRDAI approval to commence business as an insurance company.

With this, the company has completed all registration formalities required by the regulator, Kotak Mahindra General Insurance said in a statement.

Kotak General Insurance has received permission to underwrite all classes of general insurance business (including health insurance). Gaurang Shah, President Asset Management, Insurance and International Business, Kotak Mahindra Bank, said, "It is a momentous occasion for us at Kotak Mahindra Group to receive the licence on the eve of our 30th anniversary.

"Kotak General Insurance is a 100 per cent subsidiary of Kotak Mahindra Bank, which makes the company the only bank promoted general insurance company without a foreign joint venture partner." 

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 retail and wholesale customers, Shah said.

"The merger of ING Vysya Bank with Kotak Mahindra Bank has also given us a larger customer base and an increased geographical footprint of more than 650 locations and 1,280 branches,” he added.