SBI General earmarks 60% premium growth this fiscal

SBI General Insurance hopes to maintain its growth momentum of recent years and has set a 60 per cent target in premium growth in 2014-15.

 

The subsidiary of the country's largest lender SBI had a gross written premium of Rs 770.85 crore in 2012-13, and has registered around 55 per cent rise in premium of around Rs 1,200 crore in 2013-14.

 

"In this fiscal we expect to grow at around 60 per cent, which we feel is reasonable," managing director and chief executive Bhaskar J Sarma said.

 

As per the general insurer, while the motor insurance segment comprised around Rs 465 crore of the total premium, fire contributed to around Rs 412 crore with rest coming from health and other segments in 2013-14.

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

 

The general insurer, which has filed some products in health insurance segment, will also launch them after receiving approval.