Zuno General Insurance, backed by the Edelweiss Group, has reported a strong performance in the previous fiscal year, with a gross premium of approximately ₹1,000 crore. The company achieved a growth rate of 19%, outpacing the industry growth rate of 6%. Managing director and CEO Shanai Ghosh attributes this success to the company’s focus on innovation, experience, and efficiency. Zuno aims to maintain a growth trajectory of 2.5 to 3 times the industry rate, targeting a premium of around ₹1,250 crore in the current fiscal year.
Ghosh also discussed the company’s approach to the Insurance Regulatory and Development Authority of India’s (Irdai) expenses of management (EoM) guidelines. As a new insurer, Zuno is currently above the 30% EoM threshold, but the company is working to bring its expenses within regulatory limits. To achieve this, Zuno is adjusting its product mix to ensure that it stays within the EoM limits. The company is leveraging its asset-light and tech-first approach to keep fixed costs under control.
Zuno’s product mix is currently dominated by motor insurance, which accounts for around 58% of its portfolio. However, the company is deliberately diversifying its product offerings to reduce its dependence on motor insurance. Over the next three to four years, Zuno expects motor insurance to contribute around 40-45% of its portfolio, with health insurance accounting for 35-40%, and other segments such as commercial insurance making up the remaining 15-20%.
Despite projections of subdued vehicle sales, Ghosh is confident that Zuno can continue to grow at 2.5 to 3 times the industry rate. The company’s ability to grow in challenging markets, such as during the last fiscal year when the motor insurance industry premiums grew in single digits, demonstrates its resilience. Zuno’s focus on innovation, experience, and efficiency, combined with its carefully chosen product mix, is expected to drive growth and help the company achieve its target of breaking even in FY27. Overall, Zuno General Insurance is well-positioned to continue its upward trajectory and establish itself as a major player in the Indian general insurance market.