Reliance General Insurance flies highReliance General Insurance has grown 125% in business this fiscal year, outdoing its chief competitors ICICI Lombard and Bajaj Allianz.
Apnainsurance.com Research Bureau
10 Mar 2008
Reliance General Insurance has clocked 125 per cent growth in business this fiscal year. Reliance's chief competitors, ICICI Lombard and Bajaj Allianz have grown at 11 and 30 per cent respectively, in the same period.
Reliance's success was due to its focus on motor, health, and property insurance plans. The company's gross premium collected was Rs. 1800 crore as on February 2008, up from Rs. 162 crore two years ago. Motor insurance accounted for nearly 60 per cent of the premium, with property and health accounting for around 15 per cent each.
Non-life insurance, particularly fire and engineering policies, was affected by a free-fall in pricing due to introduction of the free pricing scheme.
Reliance has also upped its operations aggressively in the past two years, moving from 15 operating offices to 200. Their employee strength has grown commensurately, from 160 to 3000. The company intends to add a hundred more offices in the next fiscal year, concentrating on Tier II and Tier III cities.