Iffco Tokio eyes Rs 700 cr premium

Iffco Tokio General Insurance (ITGI) has targeted a premium income of Rs 700 crore for the current year 2005-06. The company reported premium revenues of Rs 501 crore last year, reflecting a growth of 53.7 per cent over 2003-04.

"We will focus on the retail segment since 50 per cent of our overall premium comes from this segment," said Ajit Narain, managing director and CEO, ITGI.

Iffco Tokio had a market share of 2.88 per cent as on March 31, 2005. The company has reported 165 per cent growth in motor insurance as against last year.

The company's portfolio includes fire (35.3 per cent), marine (6 per cent), motor (32 per cent), engineering (9.5 per cent) and other classes of business (17 per cent).

ITGI has successfully paid claims worth Rs 209 crore to approximately 67,458 claimants, 53 per cent of which are motor insurance claims and approximately 26 per cent are mediclaims.

Of the company's entire business, 7.5 per cent comes from the rural sector, as against a 5 per cent mandatory requirement.