Future Generali India Insurance is expecting close to 20 per cent growth in the current financial year. It had registered a growth of around 8 per cent in gross written premium at Rs. 4,210 crore in 2021-22.
With a gross written premium of Rs. 1,617 crore, motor insurance accounted for nearly 38 per cent of its overall premium collections during 2021-22. The crop, corporate and non-motor retail accounts for 20 per cent each of the company’s total gross written premium.
According to Anup Rau, Managing Director & CEO, FGII, the health insurance vertical is expected to grow faster at around 25 per cent.
“There is a revival happening in the motor business on the back of higher sales in vehicles. We expect close to 20 per cent growth at the overall company level,” Rau told on the sidelines of the launch of its comprehensive health insurance product, FG Health Absolute, here recently.
Health insurance had witnessed a steep spike over the last two years due to the Covid-induced pandemic and rising awareness on the need for health cover. It is now, however, witnessing a tapering of interest.
However, it will still continue to grow faster due to the lower base, he said. The company’s combined ratio stood at 108 per cent and solvency ratio was at 166 per cent during 2021-22.
