HDFC Ergo is looking at keeping its market share at 10 per cent in the crop insurance segment through its participation in Pradhan Mantri Fasal Bima Yojana (PMFBY), a top company executive said today.
The state-run crop insurance scheme was launched by the government on July 1. The Centre aims to bring 4 crore farmers under the scheme.
The private general insurance firm has been allotted clusters in states like Gujarat, Maharashtra, Madhya Pradesh, Odisha and Goa for implementation of PMFBY. It is working in 22 districts of Gujarat, 10 in Madhya Pradesh, 5 each in Maharashtra and Odisha and 1 in Goa for the programme.
"We are participating in PMFBY and the company is looking at maintaining its market share at 10 per cent in the crop insurance segment which is our market share in the past 12 years," HDFC Ergo General Insurance MD and CEO told PTI here.
He was speaking on the sidelines of HDFC Ergo Insurance Awareness Award ceremony.
Talking about the recent merger of L&T General Insurance with HDFC Ergo, he said "it will help us serve our customers better".
Post the merger, the company will become the third largest player on the private sector general insurance space in the country.
On the newly launched products like political risk and cyber risk, he said "the products are still in early days as it takes time for a new offering to become popular. Similarly, cyber insurance has to pick up at a time when people are getting digital.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
