IFFCO-TOKIO is organizing a development workshop by ICMIF, International Cooperative and Mutual Insurance Federation, U.K. on “Improving Access to Insurance” in New Delhi.
Iffco-Tokio is a 74-26 per cent joint venture between Indian Farmers Fertilizer Cooperative Ltd (IIFCO) and Japan’s largest insurance group Tokio Marine and Nichido Fire.
Non Life insurance cover is a huge sector where future potential of growth is quite high. Iffco-Tokio General Insurance Managing Director and CEO S Narayanan said that this segment is expected to grow by around 20 per cent this fiscal, with the automobile and health sectors providing the major impetus.
The sector has grown at the rate of 22 percent in the first six months while it is expected to maintain a growth rate of 20 percent in the next half this year, added Mr Narayanan.
The CEO also divulged that the Indian general insurance market was Rs 35,000 crore in 2009-10 and it has steadily grown at the rate of 12-13 percent from year to year.
This year has been unexpectedly great as it got boost from automobile and health sectors, Mr Narayanan added.