India’s insurance regulator on Friday granted its approval for Go Digit Life Insurance Ltd, which will become the 25th life insurer in the country.
On 1 June, Mint first reported that Go Digit, backed by Canadian billionaire Prem Watsa’s Fairfax Financial Holdings Ltd, will launch a life insurance company in the next six months.
The Insurance Regulatory and Development Authority of India (Irdai) said in a statement, “Irdai, in its 122nd meeting held on 2 June 2023, has granted the certificate of registration to a new life insurer, namely, Go Digit Life Insurance to carry life insurance business in India."
India’s life insurance sector clocked a new business premium of ₹.3.7 trillion in 2022-23.
Currently, Watsa’s Fairfax, in a tie-up with insurance industry veteran Kamesh Goyal, owns Go Digit General Insurance Ltd, a general insurance company.
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