Motor Insurance To Contribute 62-63% Of Business To Cholamandalam MS General Insurance

The motor insurance vertical of Cholamandalam MS General Insurance Company Ltd will contribute to 62-63% of the business by the end of this financial year, a top official of the company said.

The company, a joint venture between Murugappa Group and Japan-based Mitsui Sumitomo Insurance Group, also expects to increase its equity investments, Managing Director V Suryanarayanan said.

The city-based company recorded a Gross Written Premium of Rs 1,945 crore for the April-June 2024 quarter, a growth of 14.3% compared to the industry average of 12.4%.

Briefing reporters, Suryanarayanan said the company expects motor insurance to make up 62-63% of its business by the end of the current financial year, while it was looking at strong growth in the health insurance portfolio.

"We expect motor insurance (portfolio) to be at around 62-63% by the end of the year (from the current 60%), commercial vehicle insurance will be 16 per cent, health should be 17% and crop loan should witness marginal growth," he said.

According to a company statement, Cholamandalam MS General Insurance is the sole insurer for the athletes in the ongoing Olympics in Paris, in association with the Sports Authority of India.

"We are pleased to inform that we have covered 99 athletes out of the total 117 players in the Olympics in Paris under the GH policy of Sports Authority of India. Both medalist Manu Bhaker and (Shooting bronze medalist) Swapnil Suresh Kusale are covered under our policy," the company statement said.

On the increase in equity investments, he said the company expects the equity investments book, currently at 4.5% , to grow to 10%.

Cholamandalam MS General Insurance Company Ltd has recorded a Gross Written Premium of Rs 6,200 crore in Fiscal 2023 with a growth of 27.6% over the corresponding period, the statement added.