Odisha has high potential for the growth of General Insurance, SBI General Insurance Managing Director and CEO Pushan Mohapatra said.
The total premium collection from the state during 2016-17 was Rs 67.18 crore and the company targeted to collect a premium of Rs 120 crore excluding the crop insurance premium during the current year.
Last year, the company had collected Rs 15,000 to18, 000 crore additional premium due to change in crop insurance scheme in the state.
While Rs 312 crore premium towards crop insurance was collected in the country, a sum of Rs 150 crore was collected from Odisha.
He said fire and health Insurance accounted for 22 per cent and 13 per cent of premium respectively while motor contributed 40 per cent of the premium during 2016-17.
He further said the growth of General Insurance prior to last year was not very good. Last year the growth was very good due to the inclusion of crop insurance. This year also and it is expected to grow by an additional Rs 22,000 to 27,000 crore.
The growth of General insurance was subdued for three to four years. The growth was confined within 16 to 17 per cent and the premium collection was within Rs 90,000 crore to Rs 95,000 crore.
But last year, SBI General Insurance closed with a premium collection of Rs 2,600 crore with a net profit of Rs 150 crore and this year it targeted to collect Rs 3,500 crore as premium.
Last year while the insurance industry grew by 16.5 per cent, the SBI General Insurance grew by 23 per cent excluding the crop insurance.
The MD said the SBI General Insurance has a market share of 1.9 per cent in national level and 2 per cent in Odisha.
The penetration level in Odisha in general insurance sector is 20 per cent lower than the national average and said a massive awareness campaign should be launched to push up the penetration level.
The CEO said the company has planned to launch a new product "cyber security" soon. The product has been priced and is waiting for the nod of the Insurance Regulatory Development Authority.
(With inputs from news.webindia123)