Reliance General bets on retail

MUMBAI, JULY 16: Reliance General Insurance, a fully owned company of Anil Dhirubhai Ambani Group(ADAG) is betting big on retail business.
The company, which has earned Rs 252 crore, the highest incremental premium among the general insurance companies in first two months of the fiscal, has mobilised almost 50% from its retail exposure during the period.

Some companies have witnessed a slow down or negative growth during this period.

“Our recently launched health policy has done well and 40% of the the total premium has come from motor,’’ said K A Somasekharan, president and chief executive officer of Reliance General Insurance.

The health policy has already covered 1,50,000 families

The company which has over 100 offices is adding another 115 offices by September.

“After September I would apply for more branch licenses,’’ he said adding that the company is equally expanding its manpower base.

Going forward the company is focusing on tier I and tier II cities.

Turning its focus on untapped home insurance market the company has launched its hassle free home insurance policy on Monday.

With premiums ranging from Rs 497 to Rs 3,799 the over-the-counter-householders policy includes personal accident policy, provision for paying six equated monthly installments against housing loan in case of disability or death of the policy holder.

It is the first policy to cover loss of passport expenses, loss of goods in transit and loss of title deed expenses in case of their looses in home. The policy is available at a fixed price of price of Rs 499 for Standard plan, Rs 799 for Silver plan, Rs 1799 for Gold plan and Rs 3799 for Platinum plan for a cover upto Rs 5 lakh.

Home Insurance contributes less than 1% of total general insurance in the country.

Just over 2 % of the 3 crore households have household insurance in the country.Of late increasing incident of natural hazards, accidents and gaining crime rate pose grave threat to properties and lives.

Source: Financial Express