Bhubaneswar: SBI General Insurance (SBIGI) Friday claimed that the company has disbursed 702 insurance claims received from the Fani-affected districts such as Khurda, Cuttack, Puri and Jagatsinghpur.
SBIGI MD and CEO Pushan Mahapatra said: “We have received about 1,061 insurance claims from these districts and, so far, we have complete disbursing claims to 702 persons or business entities to the tune of around Rs13 crore. These insurance claims were made in 8 days after Fani hit. The claims totalled Rs 90 crore. At present, we settled 64 per cent of all claims and the rest will be settled by the end of June.”
He added that claims up to Rs1 crore were settled in a short period, while bigger claims to the tune of about Rs 38 crore could take time for disbursement.
SBI General had arranged for a dedicated claim help-desk at its Bhubaneswar branch, which helped it achieve 64 per cent clearance of claims in 7-10 days.
At present, SBIGI has five branches in the state — Balasore, Berhampur, Bhubaneswar, Rourkela and Sambalpur. According to Mahapatra, the insurance company accounted Rs 100 crore in Odisha in premiums in FY 2018-19. He said the insurance agency has achieved 30 per cent growth in the state.
“SBI General disburses about Rs 60 crore of claims each year to victims. Of these 40 per cent are motor vehicle claims, 20 per cent are fire, 17 per cent are GPA and 19 per cent are health claims,” he said.
SBIGI closed the financial year 2018-19 with a Gross Written Premium of Rs 4,717 crore at a YoY growth of 33 per cent. Presently, the company stands at No-7 in private non-life business with market share of about 6 per cent in the country. Last year, it stood 2.7 per cent of market share in insurance industry across India.
“The previous year, the insurance industry grew at about 13 per cent while our company achieved 32 per cent growth across the country. We expect to achieve 200 per cent growth this financial year,” Mahapatra said.