Coimbatore: Murugappa Group company Cholamandalam MS General Insurance has said that it aims to collect first premium income to the tune of Rs900 crore during the financial year 2008-09.
With the company achieving 72% growth, registering business worth Rs350 crore premium up to November, against Rs314 crore in the same period last year, it expects to clock business of Rs550 to Rs600 crore in the current fiscal, said S.S.Gopalrathnam, president (operations), Cholamandalam MS.
Of the Rs900 crore premium, the company expects to earn premium income of Rs200 crore from Tamil Nadu alone, he said.
Gopalrathnam said: “Motor insurance has contributed 43 to 45% of business to Cholamandalam MS General Insurance, which was followed by health 20%, engineering 30% and marine 5%.
When asked about entering into aviation insurance, he said, private insurance players with small capitals were not yet ready to take on heavy risks generally involved with the sector.