Chola MS targets Rs.800 crore premium
February 4th, 2010 - 8:58 pm ICT by IANSChennai, Feb 4 (IANS) City-based private non-life insurer Cholamandalam MS General Insurance (Chola MS) is hoping to close this fiscal with a premium income of Rs.800 crore as against Rs.685 crore earned in 2008-09, said a top company official.
“We will close this financial year with a premium income of Rs.800 crore. However, there will not be any underwriting profits (premium income minus claims paid),” company managing director S.S. Gopalarathnam told reporters here Thursday.
“No player in the industry will post underwriting profits this year,” Gopalarathnam said at the launch of an online motor insurance initiative, Click Easy Car Insurance.
Till December 2009, Chola MS has earned a premium of Rs.597.83 crore.
Speaking about the company’s new online initiative, Gopalarathnam said car owners can take a new comprehensive policy or renew existing ones online by visiting the Chola MS website.
With this initiative, the company expects to increase its renewal ratio of car policies by 5-10 percent from the current 60 percent, and plans to sell nearly 20 percent of its car policies online.
Maintaining that more retail products would be sold online from April, Gopalarathnam said the company was also working on enabling purchase of polices using mobile phones.
- Chola MS General targets Rs.1,400 crore premium in 2011-12 - Jun 02, 2011
- Chola MS targets Rs.900 crore premium in 2010-11 - Jul 16, 2010
- Chola MS gets Rs.50 crore as additional capital - Feb 05, 2010
- Chola Insurance to target Japanese, Korean firms for business - Aug 04, 2009
- Shriram General posts underwriting profit - Jun 16, 2010
- Chola MS targets Rs.1,350 crore premium by March-end - Jan 02, 2012
- United India Insurance targets Rs.8,000 crore premium - Nov 10, 2011
- Profitability big challenge for Indian insurers: Report - Apr 11, 2011
- United India targets Rs.8,000 crore premium income - May 03, 2011
- Tube Investments logs 37 percent net profit growth - Apr 30, 2012
- South Indian Bank offers customers health insurance - Mar 17, 2010
- Insurance industry to be worth $400 bn by 2020: Report - Apr 10, 2011
- Chola MS targets Rs.2,000 crore premium by 2013-14 - Dec 29, 2010
- Non-life insurers post 19 percent growth in April - May 31, 2011
- Apollo Munich Health eyes premium income of Rs.210 cr - Dec 14, 2010
Tags: car insurance, car owners, car policies, chola, crore, general insurance, initiative, insurance, launch, life insurer, managing director, mobile phones, motor insurance, ms website, polices, profits, retail products, rs 800, targets