Thursday, August 1, 2013

SBI General premium collection up by 115% in Q-1

Private insurer SBI General Insurance registered a significant growth of 115% in gross premium collection at Rs 270.89 crore in the first quarter of the fiscal year-2013. The company also registered 107% growth in number of policies issued, from 115,676 in previous year to 239,082.

Sri Bhaskar. J. Sarma, MD and CEO, SBI General Insurance said, “We have increased our presence to 40 locations and have been able to establish a strong foundation across Retail, Corporate and SME business segments as well as across various product lines like Motor, Fire, Engineering, Home Insurance and Personal Accident Insurance during the past year. Our recently launched Health Insurance product is gaining traction with customers.”
The insurer has also planned to expand its network in tier-ll and tier-lll cities by adding another 25-30 branches.

SBI General Insurance Company Limited is a new entrant in the sector. It got registered to IRDA in year, 2009 becoming the 22nd general insurer in the country. It’s a joint venture between State Bank of India (SBI) and Insurance Australia Group, Australia.

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