Janashakthi Insurance is counting on the motor market, the fastest growing insurance sector, to expand its share of the local insurance market.
Motor insurance saw a spurt of growth of 25 percent to 30 percent last year and is expected to continue to lead insurance market growth during 2004, although at a lower projected growth rate.rn
rnldblquote We expect the rate of motor insurance growth to drop to around 10 to 15 percent but it will still be the fastest growing segment based on whether the economic growth continues, dblquote said Director/General Manager of Janashakthi Insurance, Prakash Schaffter.rn
rnOn Thursday Janashakthi launched its new lquote Janaratha Full Option motor insurance policy, to stay ahead of competition and increase its current 18 percent of the motor insurance market.rn
rnThe new policy expands its coverage to occupants of a vehicle and also provides a number of value added services like a 24 hour toll free help number, with no added cost to the premium.rn
rnJanashakt