Fairfax-promoted Digit Insurance targets Rs 6,500 cr in premia sales by October 2022

While the industry grew 16-17 per cent in the first half, the digital-only insurer has grown over 67 per cent to Rs 2,196 crore, driven primarily by the health segment, said Kamesh Goyal, Chairman, Digit Insurance.

Digit Insurance is confident of taking its premia sales to over Rs 6,500 crore when it completes five years of operations in the next October, a top official of the Bengaluru-based general insurer has said.

The digital-only insurer had sold the first policy in October 2017 and has since then sold to over 20 million customers. It achieved break-even in the third year and entered the unicorn club in less than four years and is now valued at over USD 3.5 billion.

Its founder Chairman Kamesh Goyal said higher sales growth optimism comes from the near-total normalcy to the pre-pandemic level and the likely ebbing of the chip shortage, which is hitting the automobile industry, over the next few months, helping the industry claw back the lost motor premia sales.

In the whole of last fiscal, it had just Rs 3,243 crore of sales, he added.

The industry is expecting to end the current fiscal clocking 22-25 per cent growth over last fiscal, which should mean the industry is back to pre-pandemic levels.