Shriram General Insurance bets big on EVs, join hands with several OEMS

Company targets 40% growth in gross direct premium in 2023-24

Shine Jacob Chennai
Policy push by Centre, states making EVs lot more affordable: Manufacturers

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Shriram General Insurance (SGIC), a joint venture between Shriram Group holding company Shriram Capital Ltd and South African major Sanlam, said on Friday that its main focus areas in the 2023-24 fiscal is electric vehicle insurance. The firm added that it has already tied up with several original equipment manufacturers (OEMS) towards this end.
While the company is closing 2022-23 with a growth of 28-29 per cent in gross direct premium, it hopes to touch 40 per cent in 2023-24, a senior SGIC executive told Business Standard. In comparison, the industry posted 11 per cent growth in FY22. It expects 17 per cent growth in FY23 and is targeting over 20 per cent in FY24.
“I will say that due to Covid, we were not doing very well up to 2021-22, but 2022-23 was a good year. We saw a growth of about 28.27 per cent up to February and are likely to reach 28-29 per cent by year-end. We also expect to grow by 40 per cent in FY24,” said Anil Ku

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First Published: Mar 31 2023 | 4:26 PM IST

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