Money & Banking

Tata AIG eyes Rs 3000 cr premium income this fiscal

Our Bureau Ahmedabad | Updated on March 12, 2018 Published on August 21, 2014

Opens Zonal office in Ahmedabad

Riding high on the optimism for economic revival, private sector insurer, Tata AIG General Insurance is eyeing premium income to touch Rs 3000 crore this fiscal, up 22 per cent from previous year’s Rs 2,456 crore.

With car sales improving and infrastructure investments increasing, general insurance demand will grow significantly during the next two quarters, said K K Mishra, Managing Director and CEO of Tata AIG General Insurance.

“We will continue to grow at about 20 per cent for the remaining part of the year and expect to touch Rs 3000 crore of premium income this fiscal. Our focus areas will remain health and rural markets,” said Mishra, who was in town to inaugurate its Zonal office in Ahmedabad.

Out of the Rs 80,000 crore general insurance industry in the country, health insurance segment constitute about Rs 16,000 crore, he informed. Besides health, car insurance segment is also a major segment for the company.

In the health insurance space, the company recently launched MediPlus, a top up plan, MediSenior for senior citizens and MediRaksha, a basic medical insurance plan targeted to semi-urban and rural population.

The newly opened Zonal office at Ahmedabad will cater to three states, Gujarat, Rajasthan and Madhya Pradesh.

In Gujarat alone the company expects to achieve a business of about Rs 240 crore by the end of this fiscal. The health insurance segment is growing at 100 per cent in Gujarat, company officials informed.

The company is attracting customers through its ‘customer centricity’ approach for superior services. “Against the industry average of 40 complaints per 1000 policies, we get only 17. Also, claim settlement duration is as low as 10 days for Tata AIG against the regulator’s norm of 30 days,” said Mishra.

Published on August 21, 2014
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