Future Generali is expecting 30 per cent growth in India’s rural and micro insurance sector in the current fiscal.

It has tied up with multiple banks at Kolhapur and Sangli regions in Maharashtra to focus on small- and mid-size businesses.

“Insurance penetration is a real concern in India today and these tie-ups will ensure that people even in the remotest of places get adequate coverage and are made financially aware. These tie-ups are vital to provide financial access to rural households, thus ensuring better standards of living,” said KG Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance, in a statement on Thursday.

“We expect rural and micro insurance to grow by 30 per cent by end of 2016-17,” Rao said.

The general insurer has tied up with 10 medium- and small-size banks in Kolhapur and Sangli districts aimed at increasing rural insurance penetration.

“With these tie-ups, the company aims to tap the opportunities available in the ever-growing SME industry and diversified loan portfolio of these banks,” it said.

Customers will be able to buy policies to cover livestock, tractors, vehicles and health of self and family through these banks, the company said.

Anurag Sinha, Head, Bancassurance, Future Generali, said: “We have always been focusing on tying up with cooperative and rural banks to provide micro insurance and rural insurance to the wider section of the society. With the recent tie-ups, we have further strengthened our position in Maharashtra region. We expect the bancassurance business to increase by 50 per cent by 2016-17.”

Future Generali India Insurance is a joint venture between Future Group, one of the biggest retailers of India, and Generali, a 184-year-old Europe based global insurance group.

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Published on April 21, 2016