8 months ago
SBI General Insurance Expands Health and Motor Insurance
SBI General Insurance is planning to grow a lot in areas like health and motor insurance.
Their CEO, Naveen Chandra Jha, says they want to make better products and serve customers well.
They have already launched new health insurance plans and are doing better than other companies in the market.
The industry is also growing fast, especially because of changes in taxes.
SBI General wants to keep growing faster than others and make sure their customers are happy.
SBI General Insurance plans to strengthen bancassurance and corporate channels, focusing on health and motor insurance.
The company has launched innovative products like SBI General Health Alpha – Senior plan and a comprehensive cyber insurance product.
SBI General's retail health portfolio has grown by approximately 40–45 percent year-on-year.
The company is growing at approximately twice the industry rate, with significant gains in health, motor, and personal accident insurance.
SBI General aims to achieve growth at least 1.5 times the industry rate across all focus areas, with a strong emphasis on service quality and customer experience.
- Who
- SBI General Insurance, led by CEO Naveen Chandra Jha
- What
- Expansion plans in health, motor, cyber, and corporate insurance segments
- Where
- India, focusing on bancassurance and corporate channels
- When
- Current fiscal year, with specific growth targets
- Why
- To leverage substantial growth opportunities and achieve profitable growth with best-in-class customer experience
Key facts
- Company
- SBI General Insurance
- CEO
- Naveen Chandra Jha
- Focus Areas
- Health, Motor, Cyber, Corporate Insurance
- Growth Rate
- Approximately twice the industry rate
- Health Insurance Growth
- 40-45% year-on-year
- Motor Insurance Growth
- 18% year-on-year
- Corporate Business Growth
- 41% year-on-year in commercial fire insurance
- Market Leadership
- Market leader in personal accident insurance among private insurers
Quotes
Naveen Chandra Jha
Managing Director and Chief Executive Officer of SBI General Insurance
“Our expansion targets also include motor insurance, where we are growing at 18 percent year-on-year, double the industry average of 8–9 percent. In corporate business, particularly commercial fire insurance, we are growing at 41 percent. Across all these areas, our goal is to achieve growth at least 1.5 times the industry rate”
thehindubusinessline.com
“As a result, the industry has shown significant improvement. This positive trend is clearly reflected in the MTD November FY26 numbers, where non-life insurers recorded approximately 24% year-on-year growth in gross direct premium income, marking the highest monthly expansion in the current fiscal year”
thehindubusinessline.com
