Within the earlier fiscal, the non-public common insurance coverage main had registered a development of 8 per cent with a gross written premium (GWP) of Rs 4,210 crore.
Within the present fiscal, well being has taken a backseat in comparison with final yr’s sharp spike in demand as a result of Covid pandemic, a prime official mentioned.
“With the revival of the motor enterprise on the again of upper gross sales in automobiles, we count on a development of round 20 per cent at an organization degree. Motor is the most important contributor with 65 per cent of the retail portfolio,” FGII managing director & CEO Anup Rau mentioned.
He was in Kolkata for a roadshow of the brand new medical health insurance product FG Well being Absolute.
“Although well being will develop at a quicker tempo than motor as a consequence of decrease base, motor will proceed to stay the most important,” Rau mentioned.
FGII retail enterprise accounts for 60 per cent, whereas company is 20 per cent and one other 20 per cent is crop insurance coverage of the GWP.
The overall insurer mentioned new areas like pet (canine) insurance coverage which is at a nascent stage however catching up quick, the official mentioned.
Rau mentioned that there was no plan to alter in company identification as of now amid JV associate and international insurance coverage main Generali had raised its stake to 74 per cent within the firm.
“There isn’t any capital infusion plan even when we develop at 20 per cent as we’re nicely capitalised and solvency ratio is 166 per cent,” he mentioned.
