INDIA – SBI General Insurance accumulates premium of Rs. 425.47 crore

SBI General Insurance garnered premium of Rs. 425.47 crore in the first eight months of the ongoing financial year, with a rise of 219 percent over the same period in the previous fiscal. 

“We are delighted with the performance as we were able to establish a strong foundation across retail, corporate and SME business segments as well as across various product lines like fire, motor, engineering, aviation, home and personal accident insurance during the year,” managing director and chief executive officer of SBI General Insurance, Bhaskar Sarma said in a company release. 

“We are now well poised to take-off and accelerate the growth in the next four months to cross a GWP (gross written premium) level of Rs. 700 crore in this fiscal”, he added. 

Sarma said the company has expanded its presence to 30 cities and plans to add another 10 to 15 cities before the end of this financial year. 

According to the company, the company has issued nearly four lakh policies across retail, SME and corporate segments. 

“The corporate segment makes up for nearly 27 percent of its business, while SMEs account for 17 percent,” the company said adding that it has also seen significant growth in the SME segment. 

The company also said that the general insurance company has rapidly expanded its footprint in the rural region, which now accounted for 19 percent of its premium income in the first eight months of the current fiscal.