SBI General narrows loss to Rs 26.5 cr in H1

SBI General Insurance today said its net loss has come down to Rs 26.5 crore in the first half of the year (H1) from Rs 33.8 crore, an improvement of 22 per cent over the year ago period.
Reduction in net loss was backed by the improvement on fronts like underwriting loss and claims, the company said in a statement.
While underwriting loss came down to 27 per cent in H1 from 29 per cent a year ago, the claim ratio also came down to 81 per cent from 84 per cent.
There was no major claim for the company in the reporting period, while it had to settle huge claims from two natural calamities -- the J&K floods and the Hudhud cyclone in Andhra Pradesh last year.

SBI General has achieved a gross written premium of Rs 858 crore in H1 over Rs 664 crore, up 29 per cent over.
"Our growth 29 per cent ahead of general insurance industry growth of 12 per cent, reflects our customer's confidence in our products and in our claim servicing capabilities," SBI General managing director and chief executive Bhaskar Jyoti Sarma said.