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Reliance General clocks 113% growth, to reach 500 more cities

Reliance General clocks 113% growth, to reach 500 more cities
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First Published: Tue, Apr 15 2008. 03 26 PM IST
Updated: Tue, Apr 15 2008. 03 26 PM IST
PTI
New Delhi: Anil Dhirubhai Ambani-promoted Reliance General Insurance Company Ltd on 15 April posted total premium at Rs1,946 crore, a growth of 113% over the previous year and announced plan to expand its footprint in another 500 cities in the current fiscal.
The company added over Rs1,000 crore in its total premium against Rs912 crore last year, Reliance General Insurance said in a release.
With over 100% growth, the firm nearly doubled its market share from 4% to 7%.
The industry added premium of Rs2,824 crore till February of which Reliance General Insurance alone contributed 36%.
The company during the year added 115 branches in one year and tripled staff strength to 3,000.
“Retail focus to continue aggressively, we will drive deeper distribution — to scale it up to 500 cities next year, tap each each district — within one year,” Reliance General Insurance CEO K A Somasekharan said.
During the year, the company issued over 36 lakh policies against 14 lakh policies a year ago.
On the future growth strategy, he said, the company plans to launch various niche products in retail segment particularly health and tap vast unexploited areas in retail space with these products.
Besides, the company has also achieved pan-India ISO certification from the certification audit firm, Det Norske Veritas (DNV).
“With this, RGIC has become the first general insurance company in India across public and private sectors to get pan-India ISO certification without any scope-exclusion” Somasekharan added.
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First Published: Tue, Apr 15 2008. 03 26 PM IST