Non-life insurer Cholamandalam MS Insurance has been appointed lead insurer for f West Bengal by the Insurance Regulatory and Development Authority of India (IRDAI).
In this role, it will focus on various aspects of health protection, coverage against natural calamities, increasing employment opportunities for locals, and protecting MSME businesses through comprehensive insurance offerings, according to a company statement.
A joint venture of the Murugappa Group and Mitsui Sumitomo Insurance Company Ltd, Japan, Chola MS Insurance has opened a 10,000 sq ft state headquarters in Kolkata, which will serve as a hub, offering comprehensive insurance products and services to all subdivisions in West Bengal.
“The opening of the state headquarters makes our company a the preferred insurance provider in this region. This initiative also serves as a vehicle to promote insurance literacy as an essential life skill,” said V Suryanarayanan, Managing Director, Cholamandalam MS Insurance.
In FY23, the company recorded a gross written premium (GWP) of Rs 6,200 crore, a 27.6 per cent increase over the previous year. The company claims has a 5.3 per cent market share in the motor line of business, and 4.9 per cent in personal accident coverage. It has achieved 33 per cent growth in the fire line of business.