Cholamandalam MS General Insurance Company Limited, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group Japan, achieved a gross written premium (GWP) of Rs 1,000 crore during the first three quarters of the current financial year, a growth of 40 per cent over the same period of 2010-11. This is the first time that it has crossed this mark in its nine-year history. It has set a target of Rs 1,350 crore GWP during the current fiscal.
SS Gopalarathnam, managing director, said, the growth was due to the support, co-operation and contribution from bancassurance partners, agents, brokers, all intermediaries in value chain and staff.
The company is focused on growing its retail portfolio through new products in motor, health and other lines of business. It has already introduced five new retail products and is planning to launch two-three more in the last quarter of the current financial year, he said.