Zurich Insurance is reportedly in early-stage talks to acquire up to a 51% stake of Kotak General Insurance for roughly $400m, marking its first big gamble on the growing South Asian insurance market. The potential acquisition is valuing the Indian firm at around $800m, according to anonymous sources. Zurich, one of Europe’s largest insurers, has reportedly expressed an interest in either a 49% or majority stake in Kotak. India’s general insurance market grew 11% in 2021-22, hitting $26.7bn, and is largely considered vastly underpenetrated, with non-life insurance penetration barely hitting 1%, compared with the global average of 4.1%.
