SBI General Insurance Company Ltd which is compartivly new entrant in non-life sector is growing at realy fast pace & aims for 30 per cent growth this fiscal, over Rs 4,717 crore premium (GWP) clocked in 2018-19.
“The premium collection in the last fiscal was Rs 4,717 crore & target is to grow by about 30 per cent during the financial year as compared to general insurance industry which is expected to grow 13 to 15 per cent during the financial year and SBI aims to grow by 200 per cent compared to industry.
A joint venture of State Bank of India (SBI) with Insurance Australia Group (IAG), SBI General Insurance Company launched operations in 2010.
The company is also investing heavily in digital space, he added. SBI General Insurance has partnered with some online Policy selling portals which is going to be helpful in fast growth.
“They expect five per cent of their sales from online channels in the next three years,” as per company sources..
SBI has received 1061 claims in Odisha, which was affected by extremely severe cyclonic storm Fani. The insurer claimed it has achieved 66 per cent disposal ratio with a turnaround time of 8.5 days with the help of additional man power sent from Mumbai, Delhi, Bangalore, Chennai. They have already “fast tracked” 702 claims with special waivers for docs, in Odisha. & total claim amount disbursed as on date to the customers is Rs 13.3 crore.