Magma General expands motor insurance reach via Toyota Tsusho tie-up

TTIBI will distribute Magma’s motor insurance products through its network of 150 dealers.

Magma General Insurance Limited, formerly known as Magma HDI General Insurance Company Limited, has partnered with Toyota Tsusho Insurance Broker India Pvt. Ltd. (TTIBI) to strengthen its presence in India’s passenger car insurance segment.

Under the partnership, TTIBI will distribute Magma’s motor insurance products through its network of 150 dealers. 

The offerings cover accidents, theft, natural disasters, and third-party liabilities for both private and commercial passenger vehicles.

Rajive Kumaraswami, managing director and CEO of Magma General Insurance, said the partnership is aimed at expanding their footprint in the private car segment, leveraging shared values with TTIBI to improve service delivery.

Takayuki Ueda, managing director and CEO of TTIBI, said the collaboration supports their goal of improving insurance penetration by providing reliable motor insurance solutions with trusted partners.

The partnership is expected to enhance accessibility and operational efficiency for customers seeking comprehensive vehicle insurance solutions across India.