SBI General Insurance, clocked a Gross written premium of Rs 6,840 crore in 2019-20 compared to Rs 4,717 crore a year ago, a commendable growth rate of 45%. In the slowing economic conditions & became a star performer of the general insurance industry. SBI General Insurance has been able to maintain strong growth across all the channels be it bancassurance, agency, OEM, broking etc..
Growth has been evident across all lines of businesses. New tie-ups and improved business from existing tie-ups in motor, higher branch activations, better penetrations across the banca network, robust growth in corporate, SME and crop business has also contributed to the growth.”
SBI General Insurance reported a combined ratio of 98% in FY 19-20. The combined ratio is a measure of the profitability of an insurance company’s underwriting business.
A ratio below 100% usually indicates that the insurance company generates a margin in its insurance operations, while a ratio above 100% usually indicates that insurance company is paying out more money in claims and operating expenses than it is receiving from premiums.The solvency ratio for SBI General Insurance stood at 2.27.
The digital transformation in terms of claim processing has improved the customer experience in last last 2 years & same is being reflected in the overall performance.