IRDAI Registers Allianz Jio Reinsurance and Kiwi General Insurance
Why in the news
The insurance regulator allowed two new companies to begin business in India, widening the insurance market.
Key facts
- Regulator: IRDAI, which issued certificates of registration.
- Allianz Jio Reinsurance Limited: joint venture between Allianz Group and Jio Financial Services.
- Kiwi General Insurance Limited: backed by WestBridge Capital and industry veteran Neelesh Garg.
- Number of general insurers now: 35.
| Company | Type | Backers |
|---|---|---|
| Allianz Jio Reinsurance Limited | Reinsurer | Allianz Group, Jio Financial Services |
| Kiwi General Insurance Limited | General insurer | WestBridge Capital, Neelesh Garg |
Exam angle
- Regulator granting licences: IRDAI.
- Total general insurers after approval: 35.
- Joint venture partners to recall: Allianz and Jio Financial Services.