The Hindu Business Line : JRG Securities to launch vanilla insurance policy

JRG Securities Ltd, which recently got the insurance broking license from the Insurance Regulatory and Development Authority, is planning to launch a new policy in a month's time to cover vanilla cultivation in the State.

Discussions in this regard have already been initiated with the United India Insurance Company Ltd by JRG and considering the risk in vanilla cultivation, the premium is expected to be slightly higher than that of other agriculture products, Mr Giby Mathew, Chairman and Principal Officer of JRG Insurance Broking (P) Ltd, said.

The company is expecting a good response from farmers in Kerala as they had recently taken to vanilla cultivation encouraged by its high prices in the global market, he said adding that JRG is committed to give special emphasis to the rural areas by providing Janatha policies such as Rajalakshmi, fishermen's policy, farmer's policy etc.

Earlier, addressing a press conference, Mr Regi Jacob, Managing Director of JRG Securities, said that the company had obtained IRDA license satisfying all the requirements of the authority to act a direct broker both in life and general insurance. As per the latest statistics since the Brokers Regulations 2000 was notified, as many as 235 applications were submitted to IRDA for grant of broking license out of which as on October 31, 125 licenses had been granted throughout the country, he said.

The company has already started setting up branches in New Delhi, Chennai, Mumbai and Bangalore. Plans are also being finalised to set up branches in all the major cities across the country other than opening branches in the district headquarters of Kerala.

It had opened a new corporate office and a customer cell in Kochi to pass on information about various insurance products, , he added.

Mr Jamal Peer, who has been appointed as the Managing Director and Chief Executive Officer of the JRG Insurance Broking said that the need is to create an awareness about insurance broking concept in India as the country has a very low insurance penetration of 1.95 per cent.

India today stood at the 51st position on global scale. Despite the saving rate of 25 per cent, only 5 per cent is spent on insurance. The share of India in global insurance premium is 0.5 per cent to that of the US (24.21 per cent) and Japan (21 per cent), Mr Peer said.

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