Magma and Toyota Tsusho collaborate to enhance car insurance availability in India

From Yahoo Finance: 2025-05-15 11:12:00

Magma General Insurance partners with Toyota Tsusho Insurance Broker India to enhance its presence in the passenger car insurance sector. TTIBI will offer Magma’s motor insurance products through its dealer network nationwide, providing coverage for accidents, theft, natural disasters, and third-party liabilities.

The collaboration aims to increase the availability of Magma’s insurance policies, making it easier for consumers to access motor insurance. Magma’s CEO Rajive Kumaraswami emphasizes the strategic move to strengthen their presence in the private car segment, while TTIBI’s managing director Takayuki Ueda San highlights the commitment to boosting insurance penetration in the country.

In addition to the recent partnership with Hyundai India Insurance Broking, Magma continues to expand its distribution channels through automobile dealership networks. The Competition Commission of India has approved a 98.055% stake acquisition in Magma by Patanjali Ayurved and five other entities, further solidifying its position in the market.

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