Chola MS eyes Rs 900cr premium income

Cholamandalam MS General Insurance Company (Chola MS) has set a target to close the current financial with a premium income of Rs 900 crore, an increase of 32 per cent compared with Rs 680 crore last year, said S S Gopala Rathnam, managing director, Chola MS.

Speaking to reporters after launching its new motor policy — Chola Protect, he said the growth drivers would be retail, motor, health and personal accident segments. The motor segment currently accounts for 47 per cent of the business and health about 24 per cent. The company has decided to move out from the corporate group insurance policy due to heavy losses.

 

It would introduce 7-8 add-on products to strengthen the motor portfolio.

Chola Protect, apart from the regular offerings, would offer 100 per cent depreciation waiver, reinstatement value in case of total loss and daily allowance while the car is under repair among others.