17 March, 2010
Royal Sundaram Alliance Insurance Co. Ltd. aims to generate an additional 60 million rupees (US$1.3 million) in premiums through its newly opened branch in Jamshedpur, a major city and industrial center in Jharkhand state in eastern India. The new branch will distribute nonlife products such as home insurance, car insurance, fire and marine insurance through its agents and dealers, Chandan Kumar, area head of Royal Sundaram Alliance Insurance in Jamshedpur, told BestWire. Jharkhand has a population of more than 21 million and is the 28th state of the Indian Union, according to the Indian government. It is rich in mineral resources and its coal and copper contents account for 32% and 25%, respectively, of the total in India. The state is also rich in forests and woodlands. Jamshedpur is home to various industries and is in close proximity to other industrial hubs, such as Rourkela and Bokaro, according to Royal Sundaram. The region is dominated by companies that make automobile components, as well as small-, large- and medium-scale industries that require commercial insurance solutions. "This is indicative of the significant growth opportunities available for Royal Sundaram," said Managing Director Ajay Bimbhet in a statement. With about 10 years of experience working with different industries, the insurer is "well placed" to provide suitable insurance solutions for the commercial segment, including property and engineering, marine/cargo, group health cover and commercial vehicles, said Bimbhet. For the retail segment, the company offers insurance coverage for motor, health, personal accident, home, home contents and travel, he said.Established in 2001, Royal Sundaram Alliance Insurance is a nonlife joint venture between India's Sundaram Finance and U.K.-based general insurer RSA Group . Currently, the Indian joint venture operates insurance businesses in more than 150 cities through its branches and partners throughout the country.