Anup Rau, MD & CEO, Future Generali India Insurance, said the general insurance industry in India is expected to grow at a rate twice the GDP growth rate.
So, if GDP grows by around 5.5-6%, the industry could clock a growth rate of 11-12 per cent. Smaller players may grow faster due to the lower base.”We are the third fastest growing company among the top 10 general insurers in India at present. We hope to grow by 13-15% on a year-on-year basis. We closed FY25 with a gross written premium of ₹5547.5 crore, we hope to be able to double our business in the next four years and cross ₹10,000 crore by 2030,” Rau said.
The release said the recent acquisition of Future Group’s stake in FGII by Central Bank of India through the IBC process is expected to catalyse this growth.FGII sees the bank’s extensive network of nearly 4,500 branches as a game-changer in enhancing reach and distribution efficiency, particularly across Tier II and Tier III geographies where insurance penetration remains low, it said..
This is set to reduce the high cost of distribution typically associated with rural markets and provide the company access to underserved segments, especially SMEs, FGII added.
”Bancassurance for us is currently around 6-7% of our total business … Central Bank of India has a huge branch network and an extensive presence in the hinterlands of the country. We hope to be able to double the share of banca in our total business to close to 10-12% in the next three-to-five years,” Rau said.
While health and motor insurance will continue to anchor FGII’s growth strategy, the company said it expects rapid expansion in non-motor and non-health verticals, such as pet insurance, liability insurance, professional indemnity, and housing insurance, which remain relatively underpenetrated in India.
Future Generali India Insurance Company is a joint venture between the Generali Group, a 190-year-old legacy global insurance business with a 74% majority stake, and the Future Group.
