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New Delhi, February 11:: IFFCO Tokio General Insurance, which is providing risk cover to top-notch clients including Reliance, Maruti and Larsen & Toubro, targets over 70 per cent growth in business in the next three years, a top official said.
“We expect our premium income to touch Rs 200-250 crore in the next three years from over Rs 60 crore in the first year of operations,” IFFCO Tokio General Insurance chief operating officer Jun Hemmi told PTI here.
The company, a joint venture between PSU fertiliser cooperatives IFFCO (49 per cent) and Kribhco (25 per cent), and Japanese major Tokio Fire and Marine (26 per cent), is currently among the three top private insurers along with Reliance General and Tata AIG.
Within a year of start of operations, Mr Hemmi said, the company is currently co-insurer to Jamnagar refinery plant of Reliance. IFFCO Tokio’s share in the risk cover is less than 10 per cent while New India Assurance is the lead insurer to the country’s biggest refinery.
The company is also providing fire insurance to Haldia Petrochem and Mitsubishi Chemicals.
IFFCO Tokio, which launched an unique insurance cover to fertiliser bags of Indian Farmers and Fertiliser Cooperative (IFFCO), has also roped in half a dozen fertiliser companies including Indo-Gulf and Nagarjuna Fertilisers.
The petrochem and fertiliser companies together account for over 30 per cent of the business at about Rs 20 crore, Mr Hemmi said.
Apart from the petrochem sector, IFFCO Tokio also provides car and engineering cover to Indian arms of Japanese auto majors like Maruti, Honda and Toyota.
With Tokio Fire and Marine’s worldwide network, Mr Hemmi said IFFCO Tokio would target leading companies carrying out export and import business for cargo insurance.
The company also provides engineering risk cover to L&T and other old economy companies, he said.
In the financial sector, Mr Hemmi said IFFCO Tokio is currently the insurer to Insurance Regulatory and Development Authority (Irda) and National Securities Depositories Ltd (NSDL).
IFFCO Tokio was among the first companies to get insurance licence from the Irda last fiscal.
The company has started with an initial capital of Rs 100 crore but Mr Hemmi said the three partners would pump in more funds in the coming years as business grows further. — PTI
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