Magma HDI General Insurance Co Ltd. Is a joint venture between Kolkata based Magma Fincorp Limited and Germany based HDI-Gerling International Holding AG. The contract for this venture was signed by these two partners on 28th July, 2009 at Kolkata.
Magma Fincorp Ltd is one of the largest NBFCs in India having a wide distribution and service network deep penetration in rural India, while HDI-Gerling International is part of the Talanx-Group, 3rd biggest insurance Group in Germany.
The aim of this company is to become one of the leading general insurance service providers in India through innovative products serving the insurance needs of a buyer and offering exemplary customer service.
The company started operations from 1st October, 2012 with auto insurance and now, introduces ‘tailor-made’ health and crop insurance policies to serve the requirements of customers living in rural and semi-urban areas.
It had earned a premium income of around Rs 96 crore during the first five months of its operation (October 2012-March 2013). The general insurer plans to scale up its agent strength to 1,500 from the current 500 by March next.
Magma HDI General Insurance- Auto Insurance