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K.R. Srivats

New Delhi, July 9 Iffco-Tokio General Insurance Co Ltd is targeting 30 per cent growth in premium income this fiscal, much higher than the projected industry average of 12 per cent, its Managing Director and Chief Executive Officer, Mr S. Narayanan, has said. In 2007-08, the company had recorded premium income of Rs 1,235 crore.

For the first quarter of the current fiscal, the company has recorded 34 per cent increase in premium income at Rs 414 crore. “I am sure we will be able to achieve the 30 per cent premium income growth target for this fiscal. We have made the plans,” Mr Narayanan told Business Line here.

Besides expanding its distribution network, through its associate company, Iffco-Tokio Insurance services, plans are afoot to introduce add-ons in the motor insurance segment. “We are in the process of filing for motor insurance add-ons (additional benefits such as depreciation waiver, road side assistance),” Mr Narayanan said.

He said that motor insurance would continue to be the main source of revenue for the company in the current fiscal as well. Last year, motor insurance accounted for 45 per cent of the premium income of the company, a trend in line with national average.

Mr Narayanan also felt that the recent hardening of interest rates would to some extent have an impact on premium incomes. “But, even if car sales dip, premium may not dip in the same ratio as car prices are on the rise, ” he said.

Meanwhile, the company plans to roll out more micro-insurance products and also utilise the cooperatives network to extend these products to semi-urban and rural areas.

“We have two micro-insurance products already put on the market. We are working on few more with more variation,” he said.

On initiatives for simplification of procedures, Mr Narayanan said that the company was working, on an experimental basis, on electronic settlement of claims.

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