Iffco-Tokio eyes Rs 100 crore revenue by end of this year

Iffco-Tokio General Insurance Co Ltd (ITGI) has emerged as the leader among the private risk players in Gujarat.

Starting with a business of Rs seven crore for the financial year 2001-02, the company has generated business of over Rs 45 crore for the financial year 2002-03, while the company's business was over Rs 70 crore in the last financial year (2003-04) and expects to get a more than Rs 100 crore business in the current financial year.

"In Gujarat,we expect to generate a revenue of over Rs 100 crore by the end of the current financial year, out of which we have already crossed over Rs 50 crore by now. Over 20 per cent of the ITGI's all India business comes from Gujarat," said N K Kedia, executive director, ITGI.

The company is at present operating through three underwriting offices in Gujarat, one each at Ahmedabad, Vadodara, and Surat. The company is currently on an expansion drive and will be enhancing its presence at Rajkot, Gandhidham, Himmatnagar, south Rajasthan, Bharuch, Vapi, Valsad through franchises, tie-ups and representatives.

"The company started its business operations in Gujarat on September 19, 2001. In the last three years, the company has cornered a significant market share and has emerged as the leading general insurance company in Gujarat among private players," said Pawan Mediratta, head- Gujarat operations, ITGI.

The company's customer base in Gujarat has exceeded over one lakh in the last three years, which includes corporate clients such as Gujarat Paguthan Energy Corporation (GPEC), Gujarat State Energy Generation (GSEG), Gujarat State Petronet Ltd, Ahmedabad Electricity Company (AEC), Torrent Group, Lucent Technologies Hindustan Ltd, Cadila Pharmaceuticals, Zydus Cadila, Fascel Nova Petrochemicals, Iffco, Kribhco, Steelco Gujarat, Hitachi, Dishman Pharmaceuticals, Gujarat Gas, GujcoMasol, GNFC, GSFC, Essar, Adani and Birla Cellulose amongst others.

The company has handled over 10,000 claims amounting to around Rs 200 crore in the last financial year. ITGI is a joint venture promoted by Indian Farmers Fertiliser Co-operative (Iffco), Tokio Marine and Fire Insurance Co, Japan, Krishak Bharati Cooperative Ltd (Kribhco) and Indian Potash.