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Iffco-Tokio sets growth goal

Calcutta, Dec. 6: Iffco-Tokio General Insurance (ITGI) hopes to garner Rs 185-crore premium income in the current fiscal.

The company has clocked Rs 112 crore as premium, of which Rs 87 crore came from the commercial line of business, in the first six months of the current fiscal. In 2001-02 the company earned a premium of Rs 80.12 crore.

Addressing a press conference here today, ITGI managing director Ajit Narain said, “In the year 2001-02, over 80 per cent of the total premium booked was through the commercial products. The personal line of products served as a support to the commercial business. But with the start of the financial year 2002, the focus has gradually shifted to personal lines. Over a period of time we have plans to become one of the major players in personal lines of business.”

The company, whose equity base is Rs 100 crore, has no immediate plans to increase. ITGI enjoys 18 per cent market-share in the general insurance segment.

The product portfolio of the company currently comprises commercial products like fire, machinery, breakdown, loss of profit along with a protector series of personal loans.

The company has recently launched the Home Suvidha policy and Home Trade policy.

Narain said that Iffco-Tokio General Insurance is focusing on connectivity, data building and gearing up for a non-tariff regime.

“The company has also hired competent risk inspectors to audit safety standards of the different projects and other risks,” he said.

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