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Shriram General Insurance successfully defends against Fraudulent Motor Insurance Claim

19Jun

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Shriram General Insurance successfully defends against Fraudulent Motor Insurance Claim

Jaipur, June 2025.In a significant legal victory, Counsel Mr Vizzy Agarwal on Behalf of Shriram General Insurance Company Limited (SGIC) successfully defended itself against a fraudulent motor insurance claim at the Rajasthan State Consumer Disputes Redressal Commission (SCDRC), Jaipur. The Commission, on June 17, 2025, dismissed Mukesh Kumar’s claim of ₹28,58,926 as Motor insurance Own damage total loss claim amount.The case exposed, the complainant, Mukesh Kumar, insured his Toyota Fortuner (RJ 18 UA 8222) with Shriram General Insurance and in August 2017, the vehicle met with an accident in Bhilwara district, Rajasthan, following which the complainant demanded a settlement on a total loss basis.However, investigations by Shriram General Insurance uncovered serious discrepanc...

Shriram General Insurance Reports Robust Q4 FY25 Performance: 25% Growth in GWP and 8% Increase in Net Profit

12May

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Business News, Feature

Shriram General Insurance Reports Robust Q4 FY25 Performance: 25% Growth in GWP and 8% Increase in Net Profit

Jaipur, May 12, 2025.Driven by strong growth in motor premium, Shriram General Insurance Company (SGI) has reported a 25% year-on-year increase in Gross Written Premium (GWP) for Q4 FY25, at Rs. 1099 Cr, up from Rs. 876 Cr in the same quarter last year.Atthe end of FY25 the GWP of the insurer grew by 24%, rising from Rs 3036 Cr in FY24 to Rs.3753 Cr, significantly outperforming the general insurance industry's growth rate of 6%. Net profit for the quarter rose to Rs 130 Cr, an8% growth from Rs. 121 Cr in the same period last year.Investment income rose by 12%. For FY25 the net profit rose to Rs. 515 from Rs.455 a 13% increase from the same period a year ago.Anil Aggarwal, MD & CEO of Shriram General Insurance Company, stated, “In FY25, we have delivered a strong perfo...

Shriram General Insurance Intensifies Battle Against Insurance Fraud

27Mar

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Business News, Feature

Shriram General Insurance Intensifies Battle Against Insurance Fraud

Jaipur, March, 2025.In the wake of rising fraudulent and bogus claims, Shriram General Insurance Company (SGI), one of the largest non-life insurance providers in India, has strengthened its claims investigation team for investigating motor third party claims.A Motor Accidents Claims Tribunal (MACT) is a special court established under the Motor Vehicles Act to adjudicate compensation claims arising from motor vehicle accidents, providing a faster and less expensive alternative to civil courts for victims of road accidents. Unfortunately, many claims that come up for settlement at the MACT are fraudulent or bogus claims.The Claim Review team will thoroughly examine the claims to spot inconsistencies. While claims found to be bonafide will be forwarded for processing ...

Shriram General Insurance Launches Shri Health Suraksha Insurance – An Affordable and Comprehensive Health Insurance Plan

5Feb

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Business News, Feature

Shriram General Insurance Launches Shri Health Suraksha Insurance – An Affordable and Comprehensive Health Insurance Plan

Jaipur, February, 2025.Shriram General Insurance (SGIC) has launched its first ever indemnity health insurance plan - Shri Health Suraksha Insurance, designed to cover a wide variety of treatments, including modern procedures and AYUSH treatments (Ayurveda, Yoga, Unani, Siddha, and Homeopathy), offering flexible options to meet the insured’s diverse healthcare needs. The new offering provides nationwide coverage, allowing access to cashless treatments at over 13,000 network hospitals with a range of options enabling individuals choose a plan suitable to their needs.Anil Aggarwal, MD & CEO, Shriram General Insurance Company says, “Apart from being emotionally depleting, health emergencies or conditions can drain your finances. Shri Health Suraksha offers comprehensive coverage a...

Shriram General Insurance Reports Strong Q3 FY25 Results: 25% Growth in GWP, 12% rise in Net Profit

4Feb

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Business News, Feature

Shriram General Insurance Reports Strong Q3 FY25 Results: 25% Growth in GWP, 12% rise in Net Profit

Jaipur, February 2025.Driven by strong growth in motor premium, Shriram General Insurance Company (SGI) has reported a 25% year-on-year increase in Gross Written Premium (GWP) for Q3 FY25, at Rs. 1061 Cr, up from Rs. 850 Cr in the same quarter last year. For the 9M FY25, GWP grew by 23% year-on-year, rising from Rs 2160 Cr to Rs. 2654 Cr, significantly outperforming the general insurance industry's growth rate of 8%. Net profit for the quarter rose to Rs 131 Cr , a 12% growth from Rs. 117 Cr in the same period last year.Investment Income rose by 13%.  Anil Aggarwal, MD & CEO of Shriram General Insurance Company, stated, "Our focused strategy in the motor sector is yielding positive outcomes. This quarter, we achieved significant progress in digital transformation...

6Nov

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Business News, Feature, National News

Shriram General Insurance Reports Strong Q2 FY25 Results: 15% Growth in GWP, 17% rise in Net Profit

Jaipur, November 06, 2024.Shriram General Insurance Company (SGI) has reported a 15% year-on-year increase in Gross Written Premium (GWP) for Q2 FY25, reaching Rs. 861 Cr, up from Rs. 750 Cr in the same quarter last year. For the first half of the financial year, GWP grew by 22%, rising from Rs. 1,310 Cr to Rs. 1,594 Cr, significantly outperforming the general insurance industry's growth rate of 7%.The company issued 2,732,906 policies during the first half of FY25 and posted a net profit of Rs. 254 Cr, reflecting a 17% growth from Rs. 217 Cr in the same period last year.Shriram General Insurance settled 102,449 claims in HY1 FY25, a significant increase from 86,708 claims in the year-ago period.The company’s solvency ratio stands strong at 3.93 as of September 30, 2024, well a...

6Aug

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Business News, Feature, National News

Gross Premium of Shriram General Insurance up 31% in Q1 FY25

Jaipur, August 06,2024.Shriram General Insurance Company (SGIC) has announced that its Gross Written Premium (GWP) during Q1 FY25 has increased by 31% to Rs 733 crore, over the same period last year surpassing the industry growth of 13%.The company wrote 1282017policies in Q1FY25 and earned a net profit of Rs. 114 crore sduring the first quarter of FY25, a growth of 17% from Rs 98 crores a year ago period. The company has settled 48290 claims during Q1 FY25, compared to 39076 in the year ago period. The solvency ratio was 3.87 as of 30 June 2024against the regulatory requirement margin of 1.5. The number of live policies has gone up to 62.85 Lakhs in Q1FY25from 57 Lakhs in the same period a year ago.Segment wise GWP (in Cr) till June 2024:ParticularsFor the Quart...

22May

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Business News, Feature, National News

Shriram General Insurance’s Q4 Results

Jaipur, May 2024.Shriram General Insurance Company (SGIC) has announced that its Gross Written Premium (GWP) during Q4 FY24 has increased by 30% to Rs 876 crore, over the same period last year. For the fiscal year ended March 2024, the insurer witnessed a 34% growth in GWP, surpassing the industry growth of 12.8%. The company wrote 1474981 policies in Q4FY24 and earned a net profit of Rs. 121 crore during the fourth quarter of FY24. Profits for the year rose 22% YoY at Rs 455 crore. The company has settled 55997 claims during Q4 FY24, compared to 42442 in the year ago period. The solvency ratio was 4.02 as of March 2024 against the regulatory requirement margin of 1.5. The number of live policies has gone up from 52.95 l...

Shriram General Insurance HY1 FY24 Net Profit Rises 47%

8Nov

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Business News, Feature

Shriram General Insurance HY1 FY24 Net Profit Rises 47%

Jaipur, November 2023.Shriram General Insurance Company (SGIC) on Tuesday said it wrote 27,34,197 policies driven by growth in GWP and higher focus towards Electrical Vehicle segment (6.39%).The company earned a net profit of Rs 217 crores during the first half of FY24, a 47 % increase YoY. For the Q2 of FY24, the net profit was Rs 119 crores. The Board of Directors declared an Interim Dividend of Rs. 3/- per share.The insurer, jointly owned by Shriram Group and Africa’s Sanlam Group, said that 83% of all its policies were issued through digital mode. Its Gross Written Premium (GWP) stood at Rs 1310 crores, a rise of 32 % over the same period last year and the Company is hopeful of achieving a premium growth of around 40% in FY 2023-24. The company’s solvency at the end of Sept...