Winning Bizness Desk
Mumbai. Insurance Regulatory and Development Authority (IRDAI) has approved the insurance license of 2 new companies in India. IRDAI has given this approval to Eko Life Insurance Limited and Credit Access Life Insurance Limited in its 121st meeting to be held on March 25, 2023. IRDAI has given this approval to do insurance business after 12 years. Earlier in the year 2011, approval was given for the license. After granting licenses to these two companies, the number of insurance business operating companies in India has increased to 26. IRDAI has issued a statement saying that apart from these two companies, licenses of 20 insurance companies are pending in different stages of registration.
Will raise fund from market
Acko already runs an insurance company named Acko General Insurance. It is bagged by companies such as General Atlantic and the Canada Pension Plan Investment Board (CPPIB). After becoming a unicorn in October 2021, the company is now trying to raise capital. Acko currently offers insurance in the Auto, Health and Travel segments. Also, Eko has partnered with cab-aggregators Ola and Amazon to provide small-size insurance through their apps. Insurtech companies such as Acko, Digit and Plum have seen a large number of customers buy insurance with smaller insurance covers following the COVID-19 pandemic. Credit Access Gramin Limited is India's largest microfinance institution with the largest microfinance market share in the world. Credit Access Life Insurance Limited is its insurance company.
The other life insurance companies
Aditya Birla Sunlife Insurance Company, Aegon Life Insurance Company, Aviva Life Insurance Company, Bajaj Allianz Life Insurance Company, Bharti AXA Life Insurance Company, Canara HSBC OBC Life Insurance Company, Edelweiss Tokio Life Insurance Company, Exide Life Insurance Company, Future Generali India Life Insurance Company, HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, Ageas (IDBI) Federal Life Insurance Company, IndiaFirst Life Insurance Company, Kotak Mahindra Life Insurance, MaxLife Insurance Company, Pramerica Life Insurance Company, PNB Metlife India Insurance Company, Reliance Nippon Life Insurance Company, Reliance Nippon Life Insurance Company Limited, Sahara India Life Insurance Company, SBI Life Insurance Company, Shriram Life Insurance Company, Star Union Dai-ichi Life Insurance Company, TATA AIA Life Insurance Company.
