Mr. Bhaskar J. Sharma, Managing Director and Chief Executive Officer of SBI General Insurance announced the Company’s plan of achieving 140 -150 % growth in gross written premium amount as compared to previous year ending March 2012, which was Rs. 770 crores. Adding to the above, he stated that company intends to attain breakeven level by the year 2014 – 15.
SBI General Insurance targets double premium growth
He further said that retail business will be a key driving factor and that company expects premium of Rs. 1,100 crores from retail business this year as against the business of Rs. 470 crores during the last year. The company’s focus will also primarily be on health and motor insurance where motor insurance contributes 40% of the total business and health insurance is expected to rise to 20% through the inclusion of family floater in addition to individual and group health insurance. He also said that growth in retail business will help the company to increase its market share.
He further emphasized the need of capital into the business for its expansion and for this company has allocated around Rs. 250 crores. The company started its operation in the year 2010 with a seed capital of Rs. 150 crores.
SBI General Insurance Company Limited is a joint venture between State Bank of India and Insurance Australia Group wherein State Bank of India holds 74% of the total capital whereas Insurance Australia Group holds remaining 24% of the capital. Policies currently offered by SBI General covers Motor, Health, Personal Accident & Home Insurance for Individuals and Aviation, Fire, Marine, Package, Construction & Engineering, Liability, Group Health, and Group Personal Accident & Miscellaneous Insurance for Businesses.