Cholamandalam MS General Insurance records 30% growth in GWP

Cholamandalam MS General Insurance Company Ltd (Chola MS), has reported a 30 per cent growth in gross written premium (GWP) for the first half of this fiscal.

“In the half year that ended on Sep 2022, Chola MS grew by 30 per cent over the corresponding period to attain a GWP of Rs. 27.69 billion, investment corpus of Rs. 139.3 billion, and a solvency ratio of 2.10 times. Chola MS is poised to grow bigger in size and market share, stronger in its profitability and solvency, even as we continue to uphold our brand promise – #pledge2protect”, said V Suryanarayanan, Managing Director, Chola MS.

Chola MS General Insurance Company, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan achieved a GWP of Rs. 48.24 billion in FY22, according to a statement.

Chola MS continues to invest in technology upgradation and its latest offering is the new mobile app, ‘Tune in with Chola MS’ which is a one-stop destination for all insurance and wellness needs. It has also adopted the use of artificial intelligence in its motor claims servicing through its SAHAI application for motor damage assessment and easy claims settlement

“After over 20 per cent growth in Q1FY23, the non-life insurance industry registered a growth of 10 per cent in Q2FY23. Meanwhile, the industry has reported near-flat growth for September 2022, given that the general insurers declined marginally by 0.1 per cent as public players dropped premium realised 10 per cent in September 2022 after reducing by 15 per cent in September 2021.