Zurich Kotak General Insurance

Last updated

Zurich Kotak General Insurance
Company type Subsidiary
Industry Financial service
Founded2015;9 years ago (2015)
Headquarters,
Key people
Suresh Agarwal (MD & CEO) [1]
Products
Number of employees
793 (2020 [2] )
Parent Zurich Insurance (70%), Kotak Mahindra Bank
Website www.zurichkotak.com

Zurich Kotak General Insurance Company is an Indian general insurance company headquartered in Mumbai. It offers non-life insurance products like motor, health, home and others. [3] It is 70% owned by Swiss insurance company Zurich Insurance.

Contents

History

In April 2015, Kotak General Insurance received the license to conduct general insurance business in India from the Insurance Regulatory and Development Authority of India (IRDAI). [4] [5]

By September 2020, the business it had grown to have a national footprint of 19 branches spread across India. [6]

Related Research Articles

Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. As of December 2023, the bank has 1,869 branches and 3,239 ATMs, including branches in GIFT City and DIFC (Dubai).

<span class="mw-page-title-main">Uday Kotak</span> Indian billionaire banker

Uday Suresh Kotak is an Indian banker and founder of Kotak Mahindra Bank, where he is a non-executive director.

<span class="mw-page-title-main">Reliance General Insurance</span> Indian insurance company

Reliance General Insurance Company Limited is an India-based private insurance company and is part of Reliance Anil Dhirubhai Ambani Group, wholly owned through Reliance Capital. As of March 31, 2021, Reliance General Insurance's distribution network is composed of over 129 branches with more than 52,595 intermediaries.

<span class="mw-page-title-main">General Insurance Corporation of India</span> Indian public sector Insurance company

General Insurance Corporation of India Limited,, is an Indian public sector reinsurance company, headquarters in Mumbai, India. It was incorporated on 22 November 1972 under Companies Act, 1956. It was the sole nationalised reinsurance company in the Indian insurance market until the insurance market was open to foreign reinsurance players by late 2016 including companies from Germany, Switzerland and France. GIC Re's shares are listed on BSE Limited and National Stock Exchange of India Ltd.

A prevailing trend from the medieval period, most Indians invest more than half of personal savings physical assets such as land, houses, gold, livestock, and other precious metals and ornaments. Since liberalisation in the 1990s, the Government of India has approved significant banking reforms. While some of these relate to nationalised banks, other reforms have opened up the banking and insurance sectors to private and foreign players.

SBI Life Insurance Company Limited is an Indian life insurance company which was started as a joint venture between State Bank of India (SBI) and French financial institution BNP Paribas Cardif. SBI has a 55.50% stake in the company and BNP Paribas Cardif owns a 0.22% stake. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding a 1.95% stake each while the remaining 12% is free float stake with public investors. It has Assets under management(AuM) worth 352,422 crore (US$42 billion) and a Gross Written Premium(GWP) of 67,320 crore (US$8.1 billion) as of March 2023. SBI Life has an authorized capital of 20 billion (US$240 million) and a paid up capital of 10 billion (US$120 million).

<span class="mw-page-title-main">Niva Bupa</span> Indian health insurance company

Niva Bupa Health Insurance Company Limited is an Indian health insurance company, founded in 2008. It is headquartered in New Delhi, India.

<span class="mw-page-title-main">HDFC ERGO General Insurance Company</span> HDFC ERGO

HDFC ERGO General Insurance Company Limited is a 51:49 joint venture firm between HDFC and ERGO International AG. It is one of the insurance entities of the Munich Re Group in Germany operating in the insurance field under the BFSI sector. The retail sector includes various products like health insurance, vehicle insurance, travel insurance, home insurance, personal accident insurance, and cyber insurance. The Corporate sector includes products like liability, marine, and property insurance. Rural sector products include rainfall index insurance, Pradhan Mantri Fasal Bima Yojana, and cattle insurance policy.

The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous and statutory body under the jurisdiction of Ministry of Finance, Government of India. It is tasked with regulating and licensing the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

Kotak Mahindra Life Insurance Company Limited is a privately held life insurance company based in India. It was established in 2001 and currently serves 46 million customers in 148 cities and towns across India.

<span class="mw-page-title-main">The Oriental Insurance Company</span> Indian public-sector insurer

The Oriental Insurance Company Ltd. (OICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in New Delhi, the company has 29 regional offices and more than 2,000 active branches nationwide. It also has branches in Nepal, Kuwait, and Dubai that together yielded a Gross Premium of 377.70 crore (US$45 million) during the year 2022-23. It recorded a gross premium of 15,993 crore (US$1.9 billion) in the financial year 2022–23.

DigiLocker is a digitization service provided by the Indian Ministry of Electronics and Information Technology (MeitY) under its Digital India initiative. DigiLocker allows access to digital versions of various documents including driver's licenses, vehicle registration certificates and academic mark sheets. It also provides 1 GB storage space to each account to upload scanned copies of legacy documents.

<span class="mw-page-title-main">Airtel Payments Bank</span> Indian Payments Bank

Airtel Payments Bank is an Indian payments bank with its headquarters in New Delhi. The company is a subsidiary of Bharti Airtel. On 5 January 2022, it was granted the scheduled bank status by the Reserve Bank of India under the second schedule of RBI Act, 1934.

<span class="mw-page-title-main">Care Health Insurance</span> Indian health insurance company

Care Health Insurance Limited is an Indian health insurance company established in July 2012. It is part of the Religare Group and a direct subsidiary of Religare Enterprises. Kedaara Capital is a co-promoter of the company. Care Health Insurance is headquartered in Gurgaon, Haryana, and operates out of 158 offices across India with 8500+ employees.

<span class="mw-page-title-main">Kotak Mutual Fund</span> Indian finance company

Kotak Mutual Fund is an Indian mutual fund that is managed by Mahindra Asset Management Company (KMAMC). KMAMC started operations in December 1998 and as of 2018, had approximately 74 Lakh investors in various schemes. The fund is a wholly-owned subsidiary of Kotak Mahindra Bank.

Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. The corporation was established in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. It provides a digital platform—website and an app—where users can compare insurance policies and other financial services from major insurance companies. The company is India's largest insurance aggregator, and has expanded its operations to the United Arab Emirates.

<span class="mw-page-title-main">Acko General Insurance</span> Insurance company in India

Acko General Insurance is a private sector general insurance company in India. Founded in November 2016, the company received its license from the Insurance Regulatory and Development Authority of India (IRDAI) in September 2017. Acko follows an online-led model and hence all operations for the company are offered through the digital platform.

ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges.

<span class="mw-page-title-main">Insurance Brokers Association of India</span> Indian trade association

Insurance Brokers Association of India (IBAI) is an Indian trade association and regulatory body for insurance brokers in India. All licensed insurance brokers in India must be members of the IBAI Insurance Broker Regulations.

References

  1. "Kotak Mahindra Group announces new chiefs for insurance business". The Hindu BusinessLine. 30 April 2021.
  2. "No.of Employees-Zurich Kotak General Insurance". Zurich Kotak General Insurance.
  3. "List of private banks by market capitalization". www.moneycontrol.com.
  4. "Kotak General Insurance gets IRDAI certificate".
  5. "Kotak General Insurance gets IRDAI licence to commence business". Business Standard. 20 November 2015.
  6. "About Zurich Kotak General Insurance".