Tata AIG hopes to break even in 2006

Wednesday, 23 June 2004, 07:00 Hrs
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NEW DELHI: Tata AIG General Insurance Company hopes to break even by March 2006 and has set a growth target of 45 percent in premiums for the current fiscal, company officials said here Tuesday.

A 76:26 joint venture between the Tata group and the US-based insurance major American International Group, Tata AIG has targeted a premium income of 5 billion in 2004-05, compared with 3.53 billion the previous year.

Launching a new product for motor accident called green channel settlement, Tata AIG managing director Dalip Verma told reporters that an interesting feature of the scheme was warranty on accident repairs.

The service, just a toll free number away, offers free pick-up of a vehicle that has met with an accident, priority for customers at garages and direct payment from the insurance company, he said.

Verma said that once the insurance companies de-tariff their products, expected by 2007, incentives would be available for automobiles driven carefully, while the coverage will be costlier for others that frequently meet with accidents.

Tata AIG General Insurance commenced operations in January 2001 and covers automobile, home, personal accident, travel, energy, marine, property, casualty and other specialized lines.

Source: IANS
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