Naveen Chandra Jha, MD and CEO, SBI General Insurance Company
“We plan to further strengthen our bancassurance and corporate channels, capitalizing on the substantial opportunities in a segment that still has significant room for growth,” Jha told Business Line.
New product launches
As part of the enhanced focus, the insurer is working to design innovative products to address unmet needs. “For example, we have launched SBI General Health Alpha – Senior plan. We also have a comprehensive cyber insurance product that covers various cyber threats including online theft and password related risks, etc,” he said.
Post Goods and Services Tax (GST) exemption, SBI General was the first company to launch a health insurance product called Health Alpha, which allows customers to choose a customizable health insurance product with industry-unique features such as 10x cumulative bonus, sports and sports injury cover, along with other specialty covers like Endless Sum Insured.
On an annual basis, SBI General’s retail healthcare portfolio has grown around 40-45 percent on a YTD basis.
Strong growth momentum
“Our expansion plans are focused on multiple segments where we already have a strong presence. This year, we are growing at approximately twice the industry rate,” Jha said.
In health insurance, the company gained 45 basis points and in auto insurance 39 basis points, while he said it is the market leader in personal accident (PA) insurance among private insurers, with a gain of 131 basis points.
“Our expansion targets also include motor insurance, where we are growing at 18 percent year-on-year, double the industry average of 8-9 percent. In corporate, especially commercial fire insurance, we are growing at 41 percent. In all these areas, our target is to achieve growth at least 1.5 times the industry,” the SBI Managing Director said.
Service quality is central
The company is also investing in improving the quality of service in claims handling, policy issuance and approval. “Overall, our expansion plan focuses on the healthcare, PA, cyber, engine and enterprise segments, with profitable growth and best-in-class customer experience as guiding principles,” he said.
Positive outlook for the sector
According to Jha, the current outlook for the sector is ‘very positive’ based on the sector figures of the past two months, especially in health and motor insurance, the two most important segments.
The sector has witnessed strong growth and a major reason is the GST changes. “As a result, the sector has shown significant improvement. This positive trend is clearly reflected in the November FY26 MTD figures, where non-life insurers recorded approximately 24% year-on-year growth in gross direct premium income, marking the highest monthly growth in the current fiscal year,” Jha said.
Published on January 5, 2026
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