IRDAI clears 2 new insurance companies to launch operations
Business
India's insurance regulator, IRDAI, just gave the go-ahead for two new companies to launch: Allianz Jio Reinsurance (a partnership between Germany's Allianz Group and Jio Financial Services) and Kiwi General Insurance, backed by WestBridge Capital and Neelesh Garg.
Both are now set to kick off operations in India.
Reinsurance and general insurance markets see new entrants
With Allianz Jio Reinsurance joining established names like GIC Re, India's reinsurance market is getting a boost;
Kiwi General Insurance will enter the general insurance market.
Plus, IRDAI is updating its rules under the new Sabka Bima Sabki Raksha Act (2025), so expect some changes that could shape how insurance works in the country going forward.