After years of being in motor insurance, the company is now diversifying into fire, engineering, crop and health insurance.
In Q1 FY26, SGI recorded a 31 per cent year-on-year growth in Gross Written Premium (GWP).
Out of the Rs 960 crore collected this quarter, Rs 867 crore came from the motor segment alone.
Anil Aggarwal, Managing Director & CEO, SGI, said, “We’ve built a strong foundation through motor insurance, but we know it can’t be the only story going forward. Our focus is now on fire, engineering and health segments where we’re seeing early traction and strong relevance for small businesses and underserved areas.”
Aggarwal said that the company’s fire insurance portfolio grew by 25 per cent in Q1 and engineering by 17 per cent, driven largely by its push into small and medium enterprises (SMEs).
“The bottom-up approach of Shriram General Insurance is what sets us apart,” he said. “Our financial advisors are deeply embedded in local communities. They’re not chasing high net-worth individuals. Instead, they’re protecting local Kirana stores, transporters and small workshops, people who can’t afford to be without coverage,” he said.
Health insurance, while still small in size, is also being positioned as a growth lever. SGI saw the health premium increase from Rs 0.75 crore to Rs 4.08 crore this quarter through cross-selling efforts to its existing motor insurance customers.
SGI plans to grow 20 per cent annually over the next few years and aims to reach Rs 10,000 crore in GWP by 2030. A key part of the company growth plan includes recruiting over 1,000 new employees and upgrading its health products with wider coverage and digital capabilities.
With a 3.35 solvency ratio and a clear focus on profitable growth over market share, SGI is taking steps to evolve from a motor-heavy insurer to a diversified player.
