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Insurance Three new non-life insurers to start its operations soon

Three new non-life insurers to start its operations soon

DHFL General Insurance, Acko General Insurance and Go-Digit Insurance have received IRDAI’s go-ahead to enter the non-insurance space.
Team Cafemutual Sep 21, 2017

The competition in the non-life insurance industry is heating up with three new players entering the market. In the latest development, IRDAI has given its go ahead to three insurers - DHFL General Insurance, Acko General Insurance and Go-Digit Insurance.

While DHFL General Insurance is a subsidiary of the DHFL group, the other two non-life insurers are fintech start-ups.

DSP BlackRock and Narayan Murthy, co-founder of Infosys have a majority stake in Acko General Insurance whereas Canada based billionaire Prem Watsa’s company, Fairfax Holdings owns Go-Digit.

Earlier, DHFL General Insurance had told Cafemutual that it would follow a multi-channel distribution approach with a focus on digital channel. However, the other two-fintech startups, Acko and Go-Digit will distribute their policies exclusively through digital channel. In fact, Acko has issued a statement that they will not recruit agents for distribution of their products. 

A recent media report suggests that DHFL General Insurance will start its operations with an initial capital of Rs. 190 crore while Go-Digit General Insurance companies will enter the general insurance business with a capital of Rs.385 crore.

Currently, there are 30 general insurance companies in the country. With the new non-life insurers adding up, the total count will go up to 33. As on March 2017, the total non-life insurance new business premium was at Rs. 1.27 lakh crore.

1 Comment
Manas Paul · 2 weeks ago
Don't invest in mutual fund through equity funds see the China stock market it has made a peak and is cut into slices now.
It is impossible to get to that level. Indian stock market too has made a peak so be careful you won't see these levels till 7 or 8 years. Economy is already toiled. Sell your holdings & shift to fixed instruments
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