Cholamandalam MS Insurance Appointed Lead Insurer for West Bengal by IRDAI
- ByStartupStory | July 18, 2023
Cholamandalam MS Insurance, a prominent general insurance company in India, has been appointed as the lead insurer for the state of West Bengal by the Insurance Regulatory and Development Authority of India (IRDAI). The designation aims to enhance insurance awareness and penetration across the state.
As the lead insurer, Chola MS Insurance will focus on key areas, including health protection, coverage against natural calamities, boosting local employment opportunities, and safeguarding MSMEs through comprehensive insurance offerings. The company has devised a range of initiatives, including awareness programmes, outreach efforts, strengthening the distribution network, and ensuring efficient claim settlement processes to effectively extend the benefits of insurance to the people.
V Suryanarayanan, Managing Director of Cholamandalam MS Insurance, expressed their dedication to the vision of insurance for all and becoming the most trusted and preferred insurance provider in the region. He emphasized that this initiative would also promote insurance literacy as an essential life skill.
In Q1 FY24, Chola MS Insurance achieved an impressive 30% growth, surpassing the industry’s growth rate of 16.5%. Furthermore, the fiscal year 2023 concluded with a gross written premium (GWP) of Rs 6,200 crore, showcasing a notable upward growth of 27.6%. The company holds a market share of 5.3% in the motor line business and 4.9% in personal accident coverage, with a remarkable growth of 33% in the fire line of business.
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