Zurich Enters Indian Insurance Market with Major Buy

In this iPMI Global Insights article, iPMI report author Ian Youngman, takes a look at news from Zurich, who have entered the Indian insurance market, with the buy of 51% of Kotak Mahindra General Insurance from Kotak Mahindra Bank. Kodak offers individual PMI only so there is now potential for commercial PMI, individual IPMI and corporate IPMI.

Ian Youngman is a writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports, and undertakes research for companies. To read his latest report, International Health Insurance 2023, please click here, or visit the REPORTS section of iPMI Global.

  • Zurich enters Indian general insurance market.
  • Zurich is buying a 51% stake in India’s Kotak Mahindra General Insurance from Kotak Mahindra Bank.
  • Zurich Insurance Group has a new strategic alliance with Kotak Mahindra Bank Limited, India’s third largest private sector bank.
  • The 51% stake costing USD 488 million is through a combination of fresh growth capital and share purchase. (subject to regulatory approvals and customary closing)
  • Kotak Mahindra Group’s pan India distribution presence and Zurich’s distinct global capabilities in digital assets, B2B and B2C formats has potential to create a transformational impact for Kotak General Insurance.
  • Established in 2015 as a fully owned subsidiary of Kotak Mahindra Bank, Kotak General Insurance is one of India’s youngest and fastest growing general insurance groups.
  • Kotak General Insurance’s pan-India platform encompasses direct-to-customer digital channels, key financial institution partnerships, multiline agencies, and access to Kotak Mahindra Group’s customers.
  • Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates.
  • Kotak Mahindra Bank Limited has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking, and Treasury, which cater to retail and corporate customers across urban and rural India.
  • Kotak Mahindra Bank has 1,850 branches plus branches in GIFT City and DIFC (Dubai).
  • Zurich Insurance Group is in 200 countries and territories. Founded 150 years ago.
  • Zurich is increasingly offering prevention services such as those that promote wellbeing.
  • Kodak offers individual PMI but not corporate PMI or any IPMI.


  • Zurich’s investment represents the single largest investment by a global strategic insurer in an Indian non-life insurer since the regulatory changes allowing majority foreign ownership came into effect in 2021.
  • India is a massive and growing insurance market.
  • There is much potential for PMI as the Indian insurer only has a toe in this market.
  • India is expected to become the third largest global economy by 2030 and presents significant untapped potential for the development of insurance.
  • The country’s rapid economic growth, coupled with low levels of insurance penetration, increasing awareness, strong digital infrastructure and expanded foreign ownership rules make it one of the most attractive and fastest growing insurance markets globally.
  • Zurich only offers health insurance in a few countries.
  • It offers IPMI in one country and plans to expand IPMI seem on hold.

What Next?

  • The deal is subject to regulatory and other approvals but there is no reason why regulators would object.
  • Zurich’s global scale and expertise combined with Kotak Mahindra Group’s deep India knowledge and leading financial services platform will accelerate development of the business and build a premier Indian insurer.
  • Zurich will acquire an additional stake of up to 19% within three years of the initial purchase.
  • Kodak offers individual PMI only so there is now potential for commercial PMI, individual IPMI and corporate IPMI.
  • There is potential to expand Zurich’s LiveWell health, wellness and financial app that is now in several counties to India.
  • Zurich will develop new products in partnership with Kodak Mahindra Bank including expanding into commercial insurance.
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