SBI Gen Insurance aims for 30% growth in premium collection

SBI General Insurance Company Ltd plans for 30% growth this financial year, over Rs 4,717 crore Gross Written Premium (GWP) achieved in 2018-19.

Pushan Mahapatra, MD & CEO of SBI General Insurance, said, “The premium collection in the last fiscal was Rs 4,717 crore. We aim to grow by about 30 per cent during the financial year. The general insurance industry is expected grow 13 to 15% during the financial year and SBI General Insurance aims to grow by 200% compared to industry.”

“The matter is under active consideration and the IPO (initial public offering) will happen at the right time,” Mahapatra said. He further added that the insurer is also making considerable investment in digital, partnership and analytics space. SBI General Insurance has also entered into a partnership with the Policy Bazaar for selling travel insurance.

“We expect five per cent of our sales from online channels in the next three years,” Mahapatra said. Meanwhile, after the severe cyclonic storm Fani, the general insurer has received 1061 claims intimations in Odisha. It also claimed it has achieved 66% disposal ratio with a turnaround time of 8.5 days.