Reported by: banking|Updated: September 24, 2018
Universal Sompo General Insurance has registered premium growth of 79.52% with net written business of about Rs23.1 billion in FY 2017-18 and it has also superseded general insurance industry growth rate of 17.71%. The remarkable premium growth has been achieved from both crop and non-crop business and without considering the crop premium, the company registered a premium growth of 44.60%, reveals Rajiv Kumar, MD & CEO of the company, in an interaction with Banking Frontiers.
Rajiv Kumar says the company’s crop business has soared up to about Rs12.5 billion in FY2017-18 as against Rs5.5 billion a year ago, registering over 100% growth. Besides, the company has made substantial progress in growing motor business through OEM tie-ups and using online channels. Health segment has also registered a robust growth in the last fiscal.
Rajiv Kumar says this premium growth has significantly improved market share of the company in the general insurance industry to 1.53% in 2017-18 as compared to 1.01% in the previous year. The company already has corporate tie-ups with Maruti Suzuki and Honda and is quite keen on increasing these over next one year. It would now be devising unique strategies with its partner banks – Allahabad Bank, Indian Overseas Bank and Karnataka Bank – which together have a geographic reach for covering almost all the districts of the country, so as to streamline business and tap existing banca potential.
– Manoj Agrawal, Group Editor, [email protected]