Fairfax Group-backed Go Digit gets IRDAI’s licence for life insurance biz in India

Go Digit Life Insurance Ltd, backed by Canada-based Fairfax Group, has received the life insurance business licence from the Insurance Regulatory and Development Authority of India (IRDAI) on Friday (June 9).  Cricketer Virat Kohli and his actor wife Anushka Sharma are among the investors in the firm.

With this, Fairfax Group has become the 25th life insurer in the country. The licence to Go Digit Life Insurance is the fourth life insurance business licence issued by IRDAI this year.

IRDAI, in a statement, said: “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."

Earlier, IRDAI Chairman Debasish Panda stressed on the need for more players in the market to grow the insurance sector and increase penetration.

Go Digit, which is a tie-up between Watsa’s Fairfax and insurance industry veteran Kamesh Goyal, offers motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance, and other insurance products.

Go Digit is one of the first non-life insurers in the country, which fully operates on the cloud. The company has developed application programming interface (API) integrations with several channel partners.

In April this year, Go Digit General Insurance Ltd refiled its preliminary IPO papers with Sebi after making certain changes to its employee stock appreciation rights scheme.

In January, Sebi returned Go Digit’s draft IPO papers and asked the company to refile the documents with certain updates.

Go Digit’s proposed IPO comprises fresh issuance of equity shares worth Rs 1,250 crore and an offer for the sale of 10.94 crore equity shares by a promoter of Go Digit Infoworks Services and existing shareholders.

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