Kotak General Insurance Eyes Rs 200 Crore Total Premia in FY 18

Kotak General Insurance is looking at achieving Rs 200 crore in total premia by the end of the current fiscal from existing Rs 84 crore, a top company official said.

Moreover, the private sector general insurer is targeting a three-fold increase in business in terms of policies to 3 lakh from the current mark of around 1 lakh within the next couple of years, he said.

"We have already clocked Rs 84 crore in total premia within one year of operation. Now, we are eyeing to take it to Rs 200 crore by the fiscal-end," Mahesh Balasubramanian, Managing Director and Chief Executive of Kotak General Insurance, told PTI.

"In terms of number of policies, the company has already crossed 1,01,058 within past one year and now we are looking at increasing it to 3,00,000 by March-end," he said.

The company currently offers almost all kind of products and is planning to launch travel insurance and specialised schemes to complete its portfolio.

As of now, motor insurance comprises 84 per cent of product portfolio at the company, which it plans to bring down to 65 per cent by the fiscal-end, Balasubramanian said.

Similarly, the company is planning to increase its health insurance portfolio to 25 per cent from 15 per cent at present.

The combined ratio of the company is currently at 147 per cent, which it plans to bring down to 125 per cent by the fiscal-end, Balasubramanian said.

The claims ratio of the company at present is at 73 per cent and solvency ratio is at 1.8.

(PTI)