SBI General Insurance explained

SBI General Insurance Company Limited
Type:Private
Industry:Financial services
Predecessors:-->
Successors:-->
Founders:-->
Hq Location City:Mumbai
Hq Location Country:India
Area Served:Worldwide
Key People:Naveen Chandra Jha

Anand Pejawar (Deputy Managing Director)
Profit:-->
Profit Year:-->
Parent:State Bank of India (69.95%)
Num Employees:7026

SBI General Insurance Company Limited is a general insurance company founded in 2009.[1] It started operations in 2010 and is headquartered in Mumbai, India.

The company offers a range of general insurance products including insurance for automobile, home, personal accident, travel, energy, marine, property and casualty as well as specialized financial lines.[2] [3]

Since 2009, the company has expanded significantly, from 17 branches in 2011 to over 143 locations nationally.[4]

History

SBI General Insurance was founded in 2009.[5] It started operations in 2010, as a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG).[6]

In September 2018, the company sold a 4 per cent stake to Axis Asset Management Company and Premji Invest for crore.[7]

In October 2019, IAG sold its entire stake of 26 per cent for million (crore). Out of this, 16.01 per cent stake was acquired by Napean Opportunities LLP (an affiliate of Premji Invest) and the remaining 9.99 per cent stake was acquired by Warburg Pincus.[8] The same year, the company partnered with PolicyBazaar to sell travel insurance to overseas travellers[9] and announced Bancassurance tie-Up with Karnataka Gramin Bank.[10]

Financials

SBI General Insurance recorded considerable growth in FY 2023-24, with a 17% increase in Gross Written Premium (GWP) to INR 12,731 crores.[11]

Product and Services

SBI General offers a range of insurance policies in many business lines.[12] It has products for the retail segments like, health insurance, motor insurance, home insurance, travel insurance, personal accident insurance and new age products like cyber insurance.[13] [14] The company also has corporate products like fire insurance, marine insurance, liability insurance and property insurance.[15] They also offer products for rural people like crop insurance and cattle insurance.[16]

Recognition and other activities

SBI General has received accolades for its products, services and CSR initiatives, including the FICCI Insurance Industry Awards, awards organized by Outlook Money, Business Today – Money Today, ICC Social Impact Awards and InsureNext Awards.[17]

Under the CSR programme, SBI General has been associating with various NGOs and programs to serve the most vulnerable communities by contributing to various areas such as health, road safety, sanitation, education, sustainability and livelihoods.[18]

See also

Notes and References

  1. Web site: IAG exits SBI General Insurance, sells 26% stake for $310 mn . 2022-07-25 . Moneycontrol . en.
  2. News: Dutta . Indrani . SBI General IPO likely after polls . . 30 November 2018.
  3. News: Sinha . Shilpy . SBI: 6 PE funds make the cut for 26% in SBI General . The Economic Times . 2022-07-25.
  4. Web site: Branch Network in India .
  5. News: PTI . 2010-03-27 . SBI General Insurance begins operations in Mumbai . en-IN . The Hindu . 2022-07-25 . 0971-751X.
  6. News: Pullokaran . Jomy . 10 May 2019 . SBI mulls listing of SBI Card and SBI General Insurance in FY20 . .
  7. News: SBI sells 4% stake in SBI General Insurance for Rs 482 cr . . 27 September 2018.
  8. News: IAG International divests its entire 26% stake in SBI General . 27 March 2020 . Business Standard.
  9. News: SBI General Insurance collaborates with Policybazaar for distributing travel insurance to shield overseas travelers . . 18 February 2019.
  10. News: SBI General Insurance Announces Bancassurance Tie Up With Karnataka Gramin Bank . 13 September 2019 . Business World.
  11. Web site: Increase in GWP in FY 2023-24 . live.
  12. News: Pradhan . Raj . SBI General health insurance policy offers location based premium . Moneylife . 8 May 2013.
  13. News: Saraswathy . M . SBI General launches health plan only for SBI & its associates' account-holders . . 25 February 2015.
  14. News: SBI General launches Simple Home Insurance Policy . Realty Plus . November 2017.
  15. News: SBI General launches long-term insurance for two-wheelers . . 25 January 2017.
  16. Web site: Kulkarni . Vishwanath . 2022-07-13 . nurture.farm partners SBI General Insurance, Future Generali to extend coverage to farmers . 2022-07-26 . www.thehindubusinessline.com . en.
  17. Web site: Team . C. R. I. . 2016-07-05 . SBI General is number 1 in "Under-served market" . 2022-07-27 . Corporate Risks India Insurance Brokers Pvt. Ltd. . en-US.
  18. Web site: SBI General Insurance Collaborates with Maharashtra Police to Support the 'Mrityunjay Doot' Scheme . 2022-07-26 . ANI News . en.