IFFCO-TOKIO eyes 70-80% premium collection p.a.

Published: Sunday, November 12, 2006, 20:36 [IST]
 

New Delhi, Nov 12 (UNI) Running high on profits, private sector insurance player, IFFCO-TOKIO General Insurance Co Ltd (ITGI) has said it is eyeing 70-80 per cent growth in its premium collection per annum, from Rs 895 crore premium collected last year.

The company has already collected Rs 570 crore during the first five months of the current fiscal garnering a market share of 5.47 per cent.

''We have been doing well since our inception and are working towards controlling the growth in a way to do better and profitable business,'' company's Executive Vice President (IT) U C Dubey said.

Auto segment is the fastest growing market and we are garnering 40 per cent business from this segment only, Mr Dubey said adding that we are concentrating more on the rural market which is IFFCO's initial working area.

ITGI has launched a number of products for the rural markets in the sake of farmers including 'Sankat Haran' and others and in the near future more such products will come up, Mr Dubey said.

''There will be more products in the company's portfolio as detariffing continues early next year,'' Mr Dubey said adding that the company would invest Rs 3.5 crore in the cutomer relationship management service (CRM) in three years.

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