SBI General Insurance Company, an arm of State Bank of India, collected total premium income of Rs 771 crore during 2012-13, a growth of 208 per cent, year-on-year.
Bhaskar J Sarma, managing director, said: “We are going slow in the first two to three years and are taking small but firm steps. While market share and top-line are important, we are not functioning for their sake only. We expanded our branch network to 38 locations pan-India and presence in another 120 locations through satellite resources during the last financial year. We propose to expand our presence to another 25-30 locations during the current financial year.”
The net loss was Rs 140 crore for 2012-13, against an anticipated Rs 165 crore. The combined ratio was 201 per cent. The underwriting loss was Rs 215 crore. For 2013-14, it has a budgeted gross written premium target of Rs 1,800 crore. Sarma said they hoped to raise their market share to about two per cent, from the present one per cent. The aim is to reduce the net loss to Rs 85.5 crore.
SBI General has also launched a health insurance product, with the facility of a location-based premium. The premium for availing treatment at a non-metro city would be lower than in a metro city.
