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Future Generali expects rural, micro insurance to grow by 30 per cent

Future Generali is looking at 30 per cent growth in its business from the countrys rural and micro sector in the current fiscal.

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It has also tied-up with multiple banks at Kolhapur and Sangli regions in Maharashtra to focus on small and mid-sized businsses.

“Insurance penetration is a real concern in India today and these tie-ups will ensure that people even in the remotest of places get adequate coverage and are made financially aware. These tie-ups are vital to provide financial access to rural households, thus ensuring better standards of living,” said K G Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance in a statement today.

“We expect rural and micro insurance to grow by 30 per cent by end of 2016-17,” Rao said.

The general insurer has tied-up with 10 medium and small size banks in Kolhapur and Sangli districts aimed towards increasing rural insurance penetration.

“With these tie-ups, the company aims to tap the opportunities available in the ever-growing SME industry and diversified loan portfolio of these banks,” it said.

These tie-ups it will majorly focus on rural insurance and micro insurance portfolios which will be customised as per the requirements of the banks customers.

They will be able to avail for policies to cover livestock, tractors, vehicles and health of self and family through these banks, the company said.

Anurag Sinha, Head Bancassurance, Future Generali said: “We have always been focusing on tying up with cooperative and rural banks to provide micro insurance and rural insurance to the wider section of the society. With the recent tie-ups, we have further strengthened our position in Maharashtra region. We expect the Bancassurance business to increase by 50 per cent by 2016-17”.

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