According to Kaushal K Mishra, things will look better by Aug-Sept in case of a stable government in the Centre post the polls. This expectation of growth is due to the increase in middle class spend, infrastructure projects and sales in auto sector.
The growth in general insurance industry was slipped from 18% to 10-12% a year ago among slow economic growth. Because of decreasing automobile sales, motor insurance which contributes around 40% of the industry, is the key segment to be in focus this fiscal.
Plans to focus on commercial lines of business along with the expansion of company's geographical reach for next fiscal are on the track according to Mishra.
The untapped SME segment of the company will be in focus now. Products in group medical insurance segment have also been filed before the regulator and these will be launched soon on getting the approval.
Tata group which has a joint venture with American International Group (AIG) holds majority stake and has posted a 13.98% rise in Rs 1,756.38 crore premium collections in the first nine months of the curent FY.
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