By IANS
Chennai : Cholamandalam MS General Insurance Co is targeting Japanese and South Korean companies located in India for business.
The Chennai-based insurance company is a 74:26 joint venture between India’s Murugappa group and Japan’s Mitsui Sumitomo insurance group.
Cholamandalam MS General has a separate strategic business unit under the independent charge of Yu Kitai, director.
There are more than 400 Japanese and Korean companies operating in India, Kitai told the media here Thursday.
He said nearly 50 percent of their insurance premium is with four government owned non-life insurers.
The other non-life insurer targeting Japanese and South Korean companies is the New Delhi based Iffco Tokyo General Insurance Co Ltd.
According to Kitai, Cholamandalam MS General is the lead insurer for companies like Hyundai Motor India, LG Electronics, Panasonic, Toyota Kirloskar and others.
The insurer is targeting a premium of Rs.40 million this fiscal from the Japanese and Korean segment, up by Rs.10 million over the previous year.
Kitai said much of the company’s success is due to the risk management services offered by group outfit Chola MS Risk Services Ltd.
During the first seven months of the current fiscal, Cholamandalam MS General has posted a gross premium income of Rs.3.15 billion.
According to officials, the company is set to achieve the targeted Rs.6 billion premium income this fiscal.