Shriram to launch general insurance, eyes banking space
After settling down in life insurance in the past two year, Shriram gears to launch general insurance venture with a capital of Rs 105 crore, in which Sanlam of South Africa holds 26% stake.
By ET Bureau |
CHENNAI: After settling down in life insurance in the past two year, Shriram gears to launch general insurance venture with a capital of Rs 105 crore, in which Sanlam of South Africa holds 26% stake.
Based in Jaipur, the JV targets Rs 200-crore premium in the first full year of operation, Shriram will focus mainly on motor, fire, personal accident retail insurance, it will start with 15 products approved by IRDA, promises claim settlement in 30 days for accident claims, the venture to stay away from large corporate insurance of Rs 1 crore and above premium and health insurance.
Shriram Group will decide on banking foray by year-end. The group will appoint a consultant to explore options of either acquiring an existing bank or start a new bank.
Based in Jaipur, the JV targets Rs 200-crore premium in the first full year of operation, Shriram will focus mainly on motor, fire, personal accident retail insurance, it will start with 15 products approved by IRDA, promises claim settlement in 30 days for accident claims, the venture to stay away from large corporate insurance of Rs 1 crore and above premium and health insurance.
Shriram Group will decide on banking foray by year-end. The group will appoint a consultant to explore options of either acquiring an existing bank or start a new bank.
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