City-based general insurance company Cholamandalam MS is targeting Rs 2,500 crore premium within five years. The company is a joint venture of Murugappa group and Japanese insurance major Mitsui Sumitomo Insurance Group.
Speaking at a press conference here, M A Alagappan, executive chairman, Murugappa group, said the joint venture company would report underwriting profit by 2010-2011.
The seven-year-old company is focusing on improvising its retail portfolio including motor and health insurance, which account for 70 per cent of the industry revenue.
It has also filed around 12 add-on products of which eight have got Insurance Regulatory and Development Authority's approval.
The general insurance industry in India is projected to be Rs 32,180 crore in the financial year 2009-10. The company is also focusing on the Rashtriya Swashthya Bhima Yojana scheme through which BPL families get health insurance cover. It has covered around 700,000 people in Gujarat and Jharkhand.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app