Future Generali India Insurance Expects Rural and Micro- Insurance to Grow by 30%

By 121 News

Chandigarh 20^th April:- Future Generali India Insurance Company Limited (FGII), a joint venture between Future Group - the game changers in Retail Trade in India and Generali  a 184 years old global insurance group featuring among the world's 50 largest companies, today announced tie ups with 10 medium and small size banks in Kolhapur and Sangli districts aimed towards increasing rural insurance penetration. Through these tie-ups, the company will majorly focus on its 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.

K.G. Krishnamoorthy Rao, MD and CEO, Future Generali India Insurance Company Limited commented on the development that in this year's Union Budget, the government has clearly indicated its focus on rural and agricultural growth. 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. We expect rural and micro insurance to grow by 30% by end of FY 17.

The Company has tied up with Warana Sahakari Bank, Sangali Dist Central Cooperative Bank, Ajara Urbank Cooperative Bank, Kolhapur Dist Central Cooperative Bank, Kallpa Anna Ichalkaranji Janta Sahakari, Sangali Urbank Cooperative Bank. Additionally, the company is also doing business with banks like Ashta Peoples Cooperative Bank, Kumbhi Kasari Cooperative Bank and Yashwant Sahakari Cooperative Bank in the region. 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.

Anurag Sinha, Head, Bancassurance, Future Generali India Insurance Company Limited Said that 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% by FY 17.