SBI General Insurance Company Limited

SBI General Insurance Company Limited is a joint venture between the State Bank of India and Insurance Australia Group (IAG). SBI owns 74% of the total capital and IAG the remaining 26%.

Insurance Australia Group (IAG) is a general insurance group with operations in Australia, New Zealand and Asia. IAG's businesses underwrite approaching A$10 billion of premium per annum and employ over 13,500 people.

IAG is an ASX top 30 company with a market capitalisation in excess of A$12 billion.

IAG has been assigned a 'Very Strong' Insurer Financial Strength Rating of 'AA-' by Standard & Poor's for its key wholly owned insurance companies.

IAG is ranked in the Dow Jones Sustainability Index.

SBI General closed the financial year 2013-14 (4th year of operation) with a Gross Written Premium of Rs.1188Crores registering a growth of 54 %. During the year 2013-14, SBI General in association with State Bank of India covered over 1.54Crores Saving Bank Account holders of SBI with a Personal Accident Insurance cover worth Rs.2/4 Lakhs. SBI General has also established its presence in nearly 14,000 Branches of State Bank of India. SBI General follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking& Retail Direct Channels. Today, SBI General's Distribution family includes over 9,400 IRDA certified SBI & its Associate Bank employees and over 3,200 Agents.

SBI General's current geographical coverage extends to 56 cities pan India and plans to extend this reach to 107 offices by the end of the current financial year. SBI General is currently serving three key customer segments i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size Companies) and SME Segment. In a short span, SBI General has emerged as one of the few General Insurance companies in India to have a dedicated SME Team catering exclusively to the needs of SME Segment.

Current Policy offering of SBI General covers Motor, Health, Personal Accident & Home Insurance for Individuals and Aviation, Fire, Marine, Package, Construction & Engineering, Liability, Group Health, Group Personal Accident & Miscellaneous Insurance for Businesses.

About Insurance Australia Group
Key Recognition:
  • The company was awarded Technology Maturity General Insurance Award for FY 13 organised by Fintelekt, a media group focused on banking and insurance

  • Insurance Information Bureau (IIB), an independent body promoted by IRDA announced Data quality results for FY 13. The company had highest scores on Fire and Motor data in the industry.

  • Runners up in Data Quality Asia Pacific Award 2013 during Data Congress held at Melbourne, Australia in March 2014 conducted by The International Association for Information and Data Quality (IAIDQ), a professional society of experts interested in promoting information and data quality.

For more information visit http://www.sbigeneral.in