Health and motor insurance will remain the key growth drivers for Bajaj Allianz General Insurance in near future on the back of larger opportunities in these space, a top company official said recently.
“Motor and health contribute larger chunk of our business and we see more opportunities going ahead in retail health,” Bajaj Allianz Managing Director and Chief Executive Tapan Singhel said recently.
He also said the general insurer is witnessing sound growth in commercial lines of business like fire and liability.
Singhel, however, said the company is not participating in the government-sponsored health schemes as of now but observing the progress with relation to underwriting. Referring to operationalisation of declined motor pool, he said this is a step in the right direction.
“Declined motor pool is a step in the right direction,” Singhel said, adding the company has a decent size in its commercial vehicle portfolio.
As far as gross written premium (GWP) is concerned, the general insurer is expecting a 20 per cent growth this fiscal.
According to the latest Irda data, the company has posted a gross written premium (GWP) of Rs 2,247.59 crore during the April-October period of this fiscal compared to Rs 1,875.51 crore a year ago.
On any plans to raise premium in any specific segments like health, Singhel said the company is not planning to raise premium as of now.
“We are clear about our prices. As of now, they are adequate,” he said.
The company also said it doesn’t have any plan to go public in the near future.
Bajaj Allianz is a joint venture bewteen the Germany-based Allianz Group and Bajaj Finserv in which 74 per cent of stake is held by the latter.