Debasish Acharya
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Post news network
Bhubaneswar, Sept 18: Public sector general insurer, Oriental Insurance is hopeful of achieving 20 per cent growth in its gross written premium (GWP) in the state by the end of this fiscal, a top official of the company said. “We are hopeful of achieving 20 per cent rise in our GWP during this fiscal. The revival of state’s economy and reopening of mines will help us to achieve this target,” an official of the company told Orissa POST. He also said that the general insurer has witnessed a growth of 10 per cent year-on-year in recent years in the state.
“We are hopeful to achieve a total business of Rs 200 crore in FY16. Currently, out of the total premium, 40 per cent are new premium with rest 60 per cent coming from renewals,” the official said adding that it is hopeful to increase the ratio of new premium to 50 per cent of the total business from new premium segment in the near future.
On its settlement ratio, he said it has a settlement ratio of 85 per cent and aims to increase it to 95 per cent by the end of this fiscal. “Due to closure of mines, we have witnessed a de-growth in premium collection. However, with mines resuming operation in mineral rich areas, we are hopeful to achieve our set target this fiscal,” he added.
