Tata AIG to offer new health products

MUMBAI: Tata AIG is mulling offering weather insurance and will also be launching new health cover products, a top company official has said.

"We are working on many variants on health insurance segment after entering into this space in the recent past...We would also possibly look at weather insurance," President- Insurance of Tata AIG General Insurance, M Ravichandran told PTI here.

He also said the company is planning to increase its portfolio in aviation space and introduce rail and road insurance in the future.

Talking about the premium growth in the current fiscal, Ravichandran said, "We expect to achieve a premium growth of 27-28 per cent in the current fiscal."

According to IRDA data, Tata AIG has a gross written premium (GWP) collection of Rs 1,540.95 crore in the first nine months of the current fiscal (April-December), a growth of 26 per cent over the corresponding period last fiscal while for the industry, the premiums are growing at around 19 per cent per annum.

Referring to composition of the book, Ravichandran said that though the present ratio between corporate and retail stands at 55:45, it is likely to change in future with more retail contribution.

"We want to make every segment a profit centre... bottomline is better than topline for us," he said.

The company also doesn't require much capital support from the parent groups, which can be met with the internal accruals, he added.

Tata AIG General Insurance is a joint venture between Tata and US based insuer-AIG in which Tata holds the majority stake.