Money & Banking

Future Generali expects to break-even in 2012-13

Our Bureau Chennai | Updated on July 20, 2011 Published on July 20, 2011

Mr K. G. Krishnamoorthy Rao, Managing Director and CEO, Future Generali India Insurance

By insuring more profitable business and reducing its claims ratio, Future Generali India Insurance expects to break-even in 2012-13. To expand its retail presence the company intends to recruit 3,500 personnel this year, which will take its total agency strength to 5,000 agents.

Addressing a press conference, Mr K. G. Krishnamoorthy Rao, Managing Director and CEO, Future Generali India Insurance, said the company would expand its retail business by providing covers for personal accident, shopkeeper's policy, householder's policy and, to a limited extent, marine cargo.

Group insurance

By setting up an in-house health team, Future Generali India has been able to reduce its claims from group insurance to 90 per cent as on March 31, 2011, from 140 per cent two years ago, said Mr Rao.

He said, “We are consciously reducing our exposure to providing insurance for companies (group insurance) as the claims ratio is high.” Currently, the group health insurance contributes 80 per cent of the health insurance portfolio of Rs 120 crore.

The company reported an underwriting loss of Rs 89 crore (including a motor pool loss of Rs 28 crore) and earned total premium income of Rs 660 crore in 2010-11.

To simplify the cumbersome process and time consuming motor claim, the company has launched two products Future Xpress and Future Xpress+ to enable faster claims.

Published on July 20, 2011
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