Date:22/11/2006 URL: http://www.thehindu.com/2006/11/22/stories/2006112202712100.htm

Business

Manappuram enters insurance broking

Special Correspondent

KOCHI: Manappuram Insurance Brokers Private Limited, a 100 per cent subsidiary company of Manappuram General Finance and Leasing Limited, has entered the insurance broking business.

V.P. Nandakumar, Manappuram group chairman, said necessary permission was received from the Insurance Regulatory and Development Authority for this.

Till now the company was acting as a corporate agent of Birla Sunlife Insurance Company for life and Cholamandalam M S General Insurance Company for general insurance.

The chairman said the impetus behind starting the new venture was the experience and expertise gained by the company both in the life and general insurance segments. The company got awards for excellence in business performances on two occasions from Birla Sunlife, he said.

He said there was ample scope for insurance in the present economic scenario. Statistics revealed that the majority of Indians were either uninsured or underinsured.

Lack of State-sponsored social security gave further scope for widening the insurance net.

Added to these, the consistent good economic growth in the last few years increased the disposable income of the people.

The broker licence enabled the company to offer various policies, both life and non-life, of all insurance companies operating in India which in turn could meet the diverging needs and desires of the customers.

Manappuram, non-banking financial companies headquartered at Valappad in Thrissur district, has decided to venture into commodity trading. Mr Nandakumar said the group received the necessary registration certificate and membership number for commodity trading.