Mumbai: Bucking the industry trend, Reliance General Insurance, the third largest player in terms of gross premium, registered a 125-per cent growth in business last year. The non-life insurance market, reeling under falling prices since the free pricing regime, has grown just 12 per cent this year, against 24 per cent in the previous year. The company''s gross premium which was just Rs 162 crore a couple of years ago, grew significantly to Rs 1,800 crore as on February 2008. Its key growth drivers have been health, motor and property insurance, which contributed towards maximum growth in this financial year.
Motor insurance accounts for 60 per cent of the company''s portfolio while health and property insurance chipped in around 15 per cent, respectively. Reliance General Insurance has significantly scaled up its operations in the past two years post the de-merger of the Reliance Dhirubhai Ambani group. The company plans to continue with the growth momentum by adding 100 more offices next fiscal. Reliance will soon come out with a health product for senior citizens and householder''s policies.
Motor insurance accounts for 60 per cent of the company''s portfolio while health and property insurance chipped in around 15 per cent, respectively. Reliance General Insurance has significantly scaled up its operations in the past two years post the de-merger of the Reliance Dhirubhai Ambani group. The company plans to continue with the growth momentum by adding 100 more offices next fiscal. Reliance will soon come out with a health product for senior citizens and householder''s policies.
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