Acko Tech. Pvt. Ltd has filed an application with IRDAI to setup a general insurance company. Read on to know who else is geared up for this application in the market.
Acko Tech. Pvt. Ltd. with an authorized capital and paid up capital of Rs. 5 crore has registered an application with the Insurance Regulator and Development Authority of India (IRDAI) on November 3, 2016 for acquiring a general insurance license.
It has been reported that, along with Acko, there are three other companies - Dewan Housing Finance Limited, Edelweiss and Oben General Insurance who have filled an application for setting up a general insurance company. Oben and Acko are collaborated with foreign partner while Edelweiss and Dewan Housing Finance Limited have applied for a 100% subsidiary.
General insurance companies usually make profits within five to seven years from their business commencement. In short, these companies are less cash demanding than the life insurance companies.
General Insurance Industry of Rs.1.25 crore has got a boost by the Indian Government’s on the recently announced crop insurance scheme.
Banks generate income from insurance business. As reported by Economic Times, Induslnd Bank has planned and currently evaluating on setting up a general insurance company.