Page 8 - The Insurance Times August 2025

Chola MS Expands North DFS Urges Insurance Bro- resilience. The appeal underscores bro-
kers' pivotal place in meeting India's
India Presence with Rs. 65 kers to Help Deepen Cov- "Insurance for All by 2047" goal.

Cr Delhi Zonal Office erage Across India
The Department of Financial Services India's Insurance Market
Cholamandalam MS General Insur-
ance, a joint venture between (DFS) wants insurance brokers to take Poised to Hit US $300 Bil-
a front-line role in widening India's pro-
Murugappa Group and Mitsui tection net. Addressing the Insurance lion by 2030, Says
Sumitomo, has inaugurated a Rs. 65
Brokers Association of India's 25th Foun-
crore zonal office at World Trade Cen- dation Day, DFS Secretary M. Nagaraju McK insey-ASSOCHAM
tre, New Delhi, marking a major ex- called for brokers to engage actively in Study
pansion in North India. With the region
state- and district-level programmes to India's insurance industry is on track to
currently contributing 21.6% of its to- lift insurance awareness and penetra- double in size-from about US $150 bil-
tal business, Chola MS aims to scale it tion, especially in tier-2/3 cities, rural lion today to US $300 billion by 2030,
up to 30% through products in motor, zones and unorganised sectors. according to a new study released
health, and property insurance. Nagaraju noted that brokers can bridge jointly by McKinsey & Company and the

The zone now serves over two lakh trust gaps by acting as transparent ad- Associated Chambers of Commerce and
visers, simplifying products and support- Industry of India (ASSOCHAM). The re-
customers via agents, brokers,
ing government schemes in agriculture, port attributes the brisk expansion to
bancassurance, digital platforms, and
health and credit. rising household incomes, rapid
microinsurance. This is Chola MS's 17th
company-owned office in India and is He highlighted the brokerage digitisation, and regulator-led reforms
aligned with its strategy of long-term industry's employment impact-span- aimed at lowering distribution costs and
investments in key Indian cities. ning underwriters, claims handlers, IT widening product access.
professionals and legal advisers-and Key growth drivers include:
The company is also investing in Tier-2 urged continued upskilling, certifica- Life-insurance premium CAGR of
and Tier-3 markets to support the na- tion and digital inclusion. Looking 13 % as younger demographics
tional 'Insurance for All by 2047' vision, ahead, DFS wants brokers to focus on buy protection and savings plans;
while leveraging AI, analytics, and digi- emerging risks such as cyber-security, Health-insurance surge powered
tal tools to enhance engagement, risk ESG compliance and disaster resil- by post-pandemic awareness and
analysis, and operational excellence in ience, helping businesses adopt pre- government schemes;
emerging markets. loss strategies that bolster national
Micro-insurance and embedded
cover reaching first-time buyers in
Non-Life Insurers' Q1 Premiums Rise 9% Amid Steady rural and gig-economy segments;

Sector Growth A maturing insurtech ecosystem
that slashes acquisition expenses
Non-life insurers posted an 8.85% year-on-year rise in premiums for Q1 FY26, by 30-50 %.
collecting Rs. 79,306 crore, according to data from the General Insurance
Council. Multi-line general insurers grew 8.9% to Rs. 69,756.8 crore, while The study urges insurers to invest in
standalone health insurers rose 10% to Rs. 9,151 crore. data analytics, ESG-linked products,
and cyber-risk covers, while regulators
In June alone, industry premiums increased 5.16% Y-o-Y to Rs. 23,422.45
continue simplifying norms to achieve
crore, with general insurers contributing Rs. 19,916.08 crore (up 5%) and
the national goal of "Insurance for All
standalone health insurers Rs. 3,340.9 crore (up 10.4%).
by 2047."
Analysts at Nuvama noted that growth appeared subdued due to monthly
premium adjustments (1/N) and changes in reporting formats. Effective Oc- Future Generali India Tar-
tober 2024, IRDAI revised accounting norms for long-term premiums, lead-
ing to non-comparability with last year's figures. The overall trend indicates gets Rs. 10,000-Crore GWP
steady, if moderated, expansion in the non-life insurance sector amid evolv- by 2030
ing regulatory reporting structures and a base-effect impact from prior Future Generali India Insurance Com-
years.
pany (FGII) plans to double its gross
8 August 2025 The Insurance Times