Wednesday, April 16, 2014

SBI General Hopes To Grow Premium By 60% In The FY' 2014-15

Private sector leading insurer SBI General Insurance Company has set a 60% target in premium growth in the fiscal year 2014-15 by maintaining its growth momentum of recent years.

SBI General Insurance is the joint venture between State Bank of India, the country's largest lender and Australian insurer Insurance Australia Group. SBI holds the majority stake in the joint venture.

SBI General had a gross written premium of Rs. 770.85 crore in fiscal year 2012-13, and has registered about 55 % growth in premium of around Rs. 1,200 crore in fiscal year 2013-14.

Speaking to the reporters, SBI General Managing Director & Chief Executive, Mr. Bhaskar J. Sarma said, “In this fiscal we expect to grow at around 60 per cent, which we feel is reasonable."

“This fiscal, our focus will be on the motor, health and commercial lines among other things," Mr. Sarma said, adding, “SBI General will also focus on increasing the marine insurance pie during this period."

The insurer which draws around 60 % of its business from banking channel also said it would focus more on the other channels like brokers.

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