He said that the board of the company will meet onMarch 18, 2020, to examine the budget.
"Oriental Insurance needs around Rs 3000 crore ascapital to meet the company's growth plans for the nextfianancial year. The board of the company will meet on March18 to examine the budget for the growth of the insurer",Girijakumar told reporters on the sidelines of a MCCI eventhere.
He said that in the current financial year, the companyhad not focussed too much on growth, but concentrated onsettling claims to reduce the loss ratio of the insurer.
About the financial performance of the insurer in thecurrent fiscal, the CMD said "We are expecting to earn apremium income of Rs 14,250 crore, representing a growth ofsix per cent over the last fiscal year which stood at Rs13,450 crore".
However, he said that the growth expectations might betailored depending on the availability of capital.
"The capital could either come from the government, itspromoter, or through an IPO," he said.
Girijakumar said that company is taking keen interestin promoting health insurance product 'Sanjeevani' which willbe marketed from April one, 2020.
"Sanjeevani is a structured product like Ayushman Bharatwhich will provide a coverage of Rs five lakh to the insured.But its pricing will vary according to the insurers", he said.
He said that insurance companies should be valued noton the basis on assets, but on valuations of its liabilities.
There is also need to revaluate traditional businessmodels like motor, health and crop which will drive the sectorin the future, the CMD added. dcKK KK