IRDAI Appoints Cholamandalam MS Insurance As A Lead Insurer for West Bengal

Kolkata, July 18, 2023:Cholamandalam MS Insurance, a leading and trusted 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). This designation aligns with IRDAI's vision of "Insurance for All by 2047" and aims to enhance insurance awareness and penetration throughout the state.Underthis strategic plan, Chola MS Insurance will focus on various aspects of health protection, coverage against natural calamities, increasing employment opportunities for locals, and protecting the business of MSMEs through comprehensive insurance offerings. To ensure the benefits of insurance reach the people, the company has devised an array of initiatives including awareness and outreach programs, strengthening the insurance distribution network, and ensuring speedy grievance redressal and efficient claim settlement processes.

In line with these efforts,Chola MS Insurance took great pride in unveiling their state headquarters in the dynamic city of Kolkata. This dedicated space, located at Camac Street, spans an impressive area of 10,000 sq. ft owned by the insurer. This headquarters will serve as a hub, offering comprehensive insurance products and services to all the subdivisions of West Bengal. The State headquarters was inaugurated by Mr. M.M Murugappan, Chairman of Cholamandalam MS Insurance, and Mr. V. Suryanarayanan, Managing DirectorCholamandalam MS Insurance& other senior officials.

Commenting on the occasion, Mr. V. Suryanarayanan, Managing Director – Cholamandalam MS Insurance,"The opening of this state headquarters is a momentous occasion for our company, underscoring our dedication and commitment towards achieving the vision of insurance for all & to become the most trusted and preferred insurance provider in this region. This initiative also serves as a vehicle to promote insurance literacy as an essential life skill.”

Chola MS Insurance achieved remarkable growth of 30% in the recent quarter Q1 FY 23-24, surpassing the industry's growth rate of 16.5%. Furthermore, the fiscal year 2023 concluded with a gross written premium (GWP) of Rs 6200 crore, showcasing an upward growth of 27.6% .(asagainst the industry's growth rate of 16.2%).The company holds a market share of 5.3% in the motor line of business, 4.9% in personal accident coverage, and achieved a growth of 33% in the fire line of business. With strong and enduring bancassurance partnerships with government-owned banks, private banks, small finance banks, and rural banks, Chola MS Insurance continues to expand its presence in 26 states with over 600+ touchpoints, serving more than 34 million customers.

During the interaction with the stakeholders M.M Murugappan, Chairman of Cholamandalam MS Insurance said “Chola MS is committed to grow, expand its geographical & product presence across channels and in transforming its technology architecture to a contemporary, customerfriendly,analytics enabled framework.”The company would like to thank all their policyholders, business partners, reinsurers, shareholders and the regulators for their continued trust, support, encouragement and patronage.