Raheja QBE’s Arora signals motor and health pushFebruary 26 2020 by Andrew Tjaardstra
Raheja QBE is looking to push into the personal lines space to help spur growth and to diversify its book.
Pankaj Arora, Raheja QBE’s managing director and chief executive, has told Indian publication Moneycontrol that the P&C player is looking at growing premiums by ten times over the next four to five years.
Arora (pictured) added: “For the past 10 years from the time we started in 2008/9, Raheja QBE has been focussed on insurance covers like liabilities, directors & officers’ policies and project liability covers. It is a niche market and we don’t find too many players. But now Raheja and QBE decided that this is the time to build the personal lines space like [motor] and health.”
In order to help the expansion, the Mumbai-headquartered firm, which has eight offices in India, has set up distribution teams for private car and retail health respectively. Arora said that he wants to build a business with a 65% retail and 35% corporate mix.
Raheja QBE is a joint venture P&C firm between theRajan Raheja Group and QBE. In 2015, Australian-headquartered QBE increased its stake in the firm from 26% to 49% for US$16 million and in a restructure in 2018 placed India into its Australia Pacific operations.
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