HDFC Ergo to focus on health, motor segment

Private sector general insurer HDFC Ergo is planning to augument its focus on health and motor insurance segments to sustain its high growth, apart from weather segment, a top company official said.

“As we are reaching the scale, there is scope for growth in motor business along with health segment. We will also increase our focus on the weather segment,” HDFC Ergo General Insurance Marketing and Strategic Planning head Mukesh Kumar told PTI on Monday.

As per the data furnished to the regulator IRDA, HDFC Ergo’s premium collection stood at Rs 1,998.16 crore during the April-December period of this fiscal, up 34.51 per cent over the corresponding period last year while the general insurance industry is estimated to be growing at around 19 per cent this year.

However, Kumar said it will be challenging for the company to sustain high growth after reaching the scale. “It will be challenging to sustain such high growth, given the high base. But we are sure to grow better than the industry in the next fiscal,” Kumar said.He also said the company will focus largely on the retail side of the business to grow in the future.

On the corporate business front, he said there are opportunities in the marine segment. Meanwhile, the company today launched ‘Student Suraksha- Student Overseas Travel, which is designed for Indian students who are planning to pursue higher education abroad or for those already studying abroad.

“New product launches will not be many next financial year as we already have most of products in our portfolio,” he said.

HDFC Ergo is a joint venture between HDFC and Ergo International, which is the primary insurance entity of the Munich Re Group.