SBI General Insurance Company Limited is a general insurance company founded in 2009. It started operations in 2010 and is headquartered in

Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

, India. The company offers a range of general insurance products including insurance for

automobile A car, or an automobile, is a motor vehicle with wheels. Most definitions of cars state that they run primarily on roads, Car seat, seat one to eight people, have four wheels, and mainly transport private transport#Personal transport, peopl ...

, home, personal accident, travel, energy, marine, property and casualty as well as specialized financial lines. Since 2009, the company has expanded significantly, from 17 branches in 2011 to over 143 locations nationally.

History

SBI General Insurance was founded in 2009. It started operations in 2010, as a joint venture between

State Bank of India State Bank of India (SBI) is an Indian Multinational corporation, multinational Public sector undertakings in India, public sector bank and financial service body headquartered in Mumbai. It is the largest bank in India with a 23% market shar ...

(SBI) and

Insurance Australia Group Insurance Australia Group Limited (IAG) is a multinational insurance company. It is the largest general insurance company in Australia, and also the largest in New Zealand through its subsidiary IAG New Zealand. IAG had its origins in the Na ...

(IAG). In September 2018, the company sold a 4 per cent stake to Axis Asset Management Company and Premji Invest for crore. In October 2019, IAG sold its entire stake of 26 per cent for million ( crore). Out of this, 16.01 per cent stake was acquired by Napean Opportunities LLP (an affiliate of Premji Invest) and the remaining 9.99 per cent stake was acquired by

Warburg Pincus Warburg Pincus LLC is a global private equity firm, headquartered in New York City, with offices in the United States, Europe, Brazil, China, Southeast Asia and India. Warburg has been a private equity investor since 1966. As of April 2024 the f ...

. The same year, the company partnered with PolicyBazaar to sell travel insurance to overseas travellers and announced Bancassurance tie-Up with Karnataka Gramin Bank.

Financials

SBI General Insurance recorded considerable growth in FY 2023-24, with a 17% increase in Gross Written Premium (GWP) to INR 12,731 crores.

Product and Services

SBI General offers a range of insurance policies in many business lines. It has products for the retail segments like, health insurance, motor insurance, home insurance, travel insurance, personal accident insurance and new age products like cyber insurance. The company also has corporate products like fire insurance, marine insurance, liability insurance and property insurance. They also offer products for rural people like crop insurance and cattle insurance.

Recognition and other activities

SBI General has received accolades for its products, services and CSR initiatives, including the FICCI Insurance Industry Awards, awards organized by Outlook Money, Business Today – Money Today, ICC Social Impact Awards and InsureNext Awards. Under the CSR programme, SBI General has been associating with various NGOs and programs to serve the most vulnerable communities by contributing to various areas such as health, road safety, sanitation, education, sustainability and livelihoods.

References

External links