General insurer Future Generali India Insurance aims to grow by 50%, its health insurance premium from its retail business in the next two years, as it plans to launch new products and expand its agency channel, a top company executive said Tuesday.
General insurer Future Generali India Insurance aims to grow by 50%, its health insurance premium from its retail business in the next two years, as it plans to launch new products and expand its agency channel, a top company executive said Tuesday. Last fiscal, heath insurance premium of the company stood at about Rs 200 crore and of that retail business accounted for 22%.
“Health insurance segment is growing in our country and we are looking to grow our non-motor insurance business,” said Raghavendra Rao, Head-Retail, Future Generali India Insurance Company.
Gross written premium (GWP) of the company, a joint venture between Future Group and Generali, stood at over Rs1400 crore in the last fiscal through March 2015. Of which about 14% came from health insurance, which includes personal accident and travel insurance, he said.
“The growth in retail health insurance will come from new products and our focus on agency channel. At present about 35% of our total business comes from agency channel,” said Rao, who was in Kolkata on Wednesday on the occasion of launching ‘Health Total’ – a new health insurance policy.
With the launch of Health Total, a new product, the insurer currently has six health insurance products. It is planning to launch three more products in travel insurance segment, after regulatory approvals, Rao said.
Future Generali expects its motor insurance busines to grow 15% on-year. The country’s insurance industry may not see high growth in motor insurance category given the car sales figures till now in FY16, he said.
The insurance firm is also looking at expanding its reach in the Eastern region by increasing its current market share of 6% through strengthening of the distribution channels. At present it has more than 600 agents in the region across different channels and plans to add another 400 agents by this fiscal-end.