Kotak Mahindra General Insurance Company (Kotak General Insurance) has received approval of the Insurance Regulatory and Development Authority (IRDA) to commence business as an insurance company. With this, the company has completed all registration formalities required by the regulator.
Kotak General Insurance has received permission to underwrite all classes of general insurance business (including health insurance). According to 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.

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.