L&T Insurance targets Rs 1000 cr premium in 5 yrs

L&T General Insurance Company Limited, a fully owned subsidiary of engineering construction major Larsen and Toubro (L&T), has set a premium collection target of Rs 1000 crore over the next five years.

The latest entrant into the country's general insurance sector, which has rolled out 10 products, aims to break even in the next 5-7 years.

Addressing media persons here, Joydeep Roy, chief executive of L&T General Insurance Company Ltd said, “This insurance company has been started with an investment of Rs 175 crore. We are eyeing a premium collection of Rs 1000 crore over the next five years and expect to break even in 5-7 years. The company has already rolled out 10 insurance products right from the first day of launch and by March 2011, we should be having 25-30 products.”

The company has set up 10 branch offices so far and has launched insurance products in verticals like cars, commercial vehicles, tractors, fire, engineering and micro-insurance.

In the next 3-4 months, L&T Insurance plans to come out with 5-6 more health insurance products and four micro-insurance products.

Our focus will be on inclusive health insurance and over 3500 hospitals across the country have contacted us for cashless health insurance policy, Roy claimed.

"For us, micro-insurance products are going to be the focus area to grow in the Orissa market. Presently, we have rolled out one micro-insurance product and we are awaiting regulatory approval for launching 3-4 new products in this segment”, he said.

Admitting that home insurance is one of the most neglected segments in general insurance, he said that L&T is committed to give emphasis on this segment and intends to roll out 3-4 home insurance products soon.

L&T Insurance on Monday launched its branch office in the city.

"The opening of this branch brings us one step closer to reaching out to our customers in Orissa. Orissa is a key market in our overall business strategy and is also the gateway to an extensive footprint in the eastern region”, said Roy.