SBI General Insurance is a general insurance company founded in 2009. It started operations in 2010 and is headquartered in

Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...

, India. The company offers a range of general insurance products including insurance for

automobile A car or automobile is a motor vehicle with Wheel, wheels. Most definitions of ''cars'' say that they run primarily on roads, Car seat, seat one to eight people, have four wheels, and mainly transport private transport#Personal transport, pe ...

, home, personal accident, travel, energy, marine, property and casualty as well as specialized financial lines. The current MD and CEO is Kishore Kumar Poludasu and Anand Pejawar is Deputy Managing Director.

History

SBI General Insurance was founded in 2009. It started operations in 2010, as a joint venture between

State Bank of India State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the ''Fortune ...

(SBI) and

Insurance Australia Group Insurance Australia Group Limited (IAG) is a multinational insurance company. It is the largest general insurance company in Australia, and also the largest in New Zealand through its subsidiary IAG New Zealand. IAG had its origins in the Nati ...

(IAG). In September 2018, the company sold a 4 per cent stake to Axis Asset Management Company and Premji Invest for crore. 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 Warburg Pincus LLC is a global private equity firm, headquartered in New York, with offices in the United States, Europe, Brazil, China, Southeast Asia and India. Warburg has been a private equity investor since 1966. The firm currently has over ...

. The same year, the company partnered with

PolicyBazaar Policybazaar is an Indian insurance aggregator and multinational financial technology company based in Gurgaon. The company was founded in June 2008 by Yashish Dahiya, Alok Bansal and Avaneesh Nirjar. It provides a digital platform - website an ...

to sell travel insurance to overseas travellers and announced Bancassurance tie-Up with Karnataka Gramin Bank.

Financials

As of March 2022, SBI General’s Gross Written Premium (GWP) was Rs. 9260 crores which was a 11% growth over FY 2021-22’s GWP of Rs. 9260 crores. The company-maintained a market share of 4.15% and a solvency ratio of 1.85 during this period. SBI General also expanded its footprint and scaled up the distribution reach through bancassurance, OEM tie-ups and digital integrations.

Product and Services

SBI General offers a range of insurance policies in many business lines. 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. The company also has corporate products like fire insurance, marine insurance, liability insurance and property insurance. They also offer products for rural populace like crop insurance and cattle insurance.

Recognition and other activities

SBI General has received numerous 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. 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.

References

External links