What is SBI General Insurance Records 50% Growth in December FY 24, Grows More Than Double of the Private General Insurance Industry?
SBI General Insurance Records 50% Growth in December FY 24, Grows More Than Double of the Private General Insurance Industry is a trending topic covered by Sejal News Network with latest updates and insights.
SBI General Insurance, one of India’s leading General Insurance companies, registered a significant growth of 50% in the month of December FY 24, leading to GDP of INR 1001 crore. The Company has contributed around 14% to the overall accretion of private insurance industry, marking the highest accretion in the month of December FY 24.
Mr. Kishore Kumar Poludasu, MD & CEO, SBI General Insurance
The Company’s diverse product portfolio, combined with its distribution and its reach has resulted in SBI General improving its private market share to 6.41% in the month of December FY 24, with an improvement of 137 basis points in market share over the corresponding month of last financial year.
In the month of December, the Company also showcased strong growth across retail, commercial lines, and rural & agri business. The Company remains No. 1 in the Personal Accident segment, along with its strong presence in various lines of business including health, home, commercial and motor.
In the 9M FY 23-24, the General Insurance industry registered a growth of 14%, while the Company has registered a growth of 23%. The growth is primarily driven by the health and motor segment, which continues to be the largest contributor in the general insurance sector.
Commenting on the Company’s performance, Mr.Kishore KumarPoludasu,MD & CEO,SBI General Insurance, said, “Were happy to share that we have registered a 50% surge in December premiums and a steady 23% growth in the first nine months of FY24, marking a significant growth for SBI General Insurance. The growth is attributed to our unwavering commitment to a customer-centric approach. We continue to achieve sustainable growth with profits. Looking forward, we see 2024 as a year of continued growth, as we will keep setting new benchmarks in the industry. With the objective of making insurance available to all by 2047, we will continue to develop simple and innovative products for our customers.”
About SBI General Insurance
SBI General is one of the fastest growing private general insurance companies, with the strong parentage of SBI. We, at SBI General Insurance, are committed to carry forward the legacy of trust and security; and have the vision to become the most trusted general insurer for a transforming India.
Ever since our establishment in 2009, our growth has been exponential in various aspects. We have expanded our presence from 17 branches in 2011 to over 141 branches pan-India. Till date, we have served over 34 crore customers. We have been awarded as the ‘Domestic General Insurer of the Year’ – India at the Insurance Asia Awards 2023 Singapore. Additionally, we were recognized as one of the Best Brands 2023 at the ET Edge Best Brands 2023. Furthermore, we were recognised as Highest Growth – General Insurance runner up at ASSOCHAM 15th Global Insurance Summit & Awards. We have secured ‘Insurer of the Year’ in the non-life category at FICCI Insurance Industry Awards in 2022.
We have a robust multi-distribution model encompassing Bancassurance, Agency, Broking, Retail Direct Channels and Digital tie-ups. The widespread network of distributors like 22437 plus SBI branches, Agents, other financial alliances, OEMs, and multiple digital partners enable us to extend our reach to the pocketed remote areas of India. We offer a bouquet of products spread across various lines of businesses that cater to customers across all segments like Retail, Corporate, SME and Rural, ensuring accessibility via digital as well as physical modes.
SBI General Insurance reported a 23.4% growth in Gross Direct Premium (GDP) and the GDP stood at INR 8514 crore in 9M FY 23-24.
