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Reliance General Insurance is focusing more on fire, engineering and marine insurance segments as part of its plan to diversify product basket and achieve profitable growth, a top company official said.
"We are focusing on commercial lines, fire, engineering and marine insurance, which are still untapped and more profitable than traditional segments. We are trying to grow these portfolios this fiscal," Reliance General Insurance Chief Executive Rakesh Jain said.
As per the company, while fire insurance accounts for 8% of its total business, engineering segment contributes around 4%, marine 2% and others including commercial lines account for 6%.
Jain also said the company is reducing its dependence on motor insurance segment and plans to bring it down to below 60% by the end of this financial year.
"Our aim is to expand our presence in fire and engineering segments and increase their business contributions in the next couple of years," he said, adding the company plans to increase health insurance contribution to 20% from present 16%.
The general insurer also aims to come up with sector specific insurance products.
"We are planning to devise sector-wise insurance schemes. We are in touch with people in cement, IT and power sectors and are working to create a more risk-based approach for different sectors," Jain said.
Reliance General, which is part of Reliance Capital, has posted 25% increase in gross written premium to Rs 706 crore in the June quarter.
