IFFCO-Tokio General Insurance

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IFFCO-TOKIO General Insurance, which is also referred to as ITGI, was established on December 4, 2000. It is a combined enterprise of Tokio Marine and Nichido Fire Group, and Indian Farmers Fertilizer Co-operative (IFFCO) and its associate companies. Tokio Marine and Nichido Fire Group is the biggest insurance group whose stocks are publicly traded.

IFFCO-Tokio Office Network

IFFCO-Tokio General Insurance has built up a pan Indian network with 65 strategic business units. It also has more than 255 Bima Kendras and 120 Lateral Spread Centers. At present it operates in more than 350 towns in India.

Industry Standing

ITGI is well known for its diverse array of plans that are customized in a unique way and caters to a varied clientele that includes some of the biggest automobile makers in India as well as farmers. In 2001-02 it had earned a Gross Written Premium (GWP) worth INR 213 crores. That figure has increased to INR 2248.16 crores in 2011-12.

This has made it one of the leading private insurers in the country. ITGI utilizes the technical support of Tokio Marine for its reinsurance and underwriting operations. For its risk management functions it relies on Tokio Risk Consulting's (TRC) support. The insurer presently has more than 1500 employees.


IFFCO TOKIO has been the first insurer to have underwritten major policies for automobile, and fertilizer companies. Its policies are premised on global rates and offer comprehensive and assured coverage.

In addition to the conventional products, IFFCO TOKIO has come out with some special products in the recent years. They may be enumerated as below:
  • Credit Insurance
  • P&I Insurance
  • Fine Arts Insurance
  • Errors & Omission Policy for IT Sector
It has also carried out initiatives geared to improve standards in rural areas. Some of them are as follows:
  • Sankat Haran Bima Yojana
  • Mahila Suraksha Bima Yojana
  • Mausam Bima Yojana
  • Janata Bima Yojana
The organization has also achieved fame for its innovative use of technology in its product operations like the following:
  • Normalised Difference Vegetation Index (NDVI)
  • Radio Frequency Identification Device (RFDI)
These technologies have been used efficiently in its Weather and Cattle Insurance products.

Its products may be categorized into three broad categories - Commercial Insurance, Speciality Insurance, and Retail Insurance. Following is a complete list of the products offered by IFFCO TOKIO:

Commercial Insurance
  • Standard Fire & Special Perils Insurance Policy
  • Public Lia Industrial Insurance Policy
  • Consequential Loss Insurance Policy
  • Public Lia Non-Industrial Insurance Policy
  • Contractors All Risk Insurance Policy
  • Marine Cargo Insurance Policy
  • Contractors Plant & Machinery Insurance Policy
  • Electronic Equipment Insurance Policy
  • Boiler & Pressure Plant Insurance Policy
  • Bankers Blanket Insurance Policy
  • Erection All Risks Insurance Policy
  • Burglary Insurance Policy
  • Industrial All Risks Insurance Policy
  • Fidelity Guarantee Insurance Policy
  • Machinery Breakdown Insurance Policy
  • Money Insurance Policy
  • Machinery Loss of Profit Insurance Policy
  • Workmen's Compensation Insurance Policy
  • Product Liability Insurance Policy
Retail Insurance
  • Motor Private Car Insurance Policy
  • Individual Personal Accident Insurance Policy
  • Home and Family Protector Insurance Policy
  • Swasthya Kavach (Family Health Insurance) Policy
  • Trade Protector Insurance Policy
  • Group Personal Accident Insurance Policy
  • Industry Protector Insurance Policy
  • Critical Illness Insurance Policy
  • Office Professional Establishment Insurance Policy
  • Travel Protector Insurance Policy
  • Home Suvidha Insurance Policy
  • All Risk Insurance Policy
  • Trade Suvidha Insurance Policy
  • Health Insurance Policy
  • Individual Medishield Insurance Policy
Speciality Insurance
  • Credit Insurance Policy
  • Sagar Bandhu Bima Policy Insurance Policy
  • Multi Modal transport (MTO) Insurance Policy
  • Aviation Insurance Policy
  • Marine Hull & Machinery Insurance Policy
  • Errors and Omissions (Technology) Insurance Policy
  • Jeweller's Block Insurance Policy
  • Fine Art Insurance Policy - Private Collectors
  • Barish Bima Yojna (Weather Insurance) Policy
  • Fine Art Insurance Policy - Art Dealers & Gallery Owners

IFFCO-Tokio General Insurance Distribution Network

IFFCO-Tokio General Insurance is the sole insurer in India to have a totally owned distribution channel for servicing its retail clients. It is known as IFFCO-TOKIO Insurance Services Ltd (ITIS). Its unique operational methods have been mentioned at the Capgemini World Insurance Report 2009.

IFFCO-Tokio General Insurance Surveys

The ITGI conducts customer satisfaction surveys after every two years. These are done through independent companies in order to determine how effectively the company is functioning. It also has a commendable infrastructure for information technology and this has been a major contributor to the quick pace at which the company settles its claims.

IFFCO TOKIO Financial Highlights

The following table highlights the financial performance of IFFCO TOKIO for the 2011-12 fiscal as well as 2010-11:

Area Figures for 2010-11 in INR crores Figures for 2011-12 in INR crores
Gross Written Premium 1988.87 2248.62
Less Reinsurance Premium 736.58 825.32
Net premium 1252.29 1423.30
Unexpired risk reserve 117.19 90.62
Earned premium 1135.10 1332.68
Total underwriting revenue 1120.39 1345.73
Net incurred claims 990.46 1233.67
Management expenses 318.64 352.57
Total underwriting expenses 1309.94 1587.34

IFFCO-Tokio General Insurance News

IFFCO-Tokio General Insurance has recently invested INR 125 crore for expanding its funds. This figure takes its aggregate infusion of capital from promoters to INR 526.2 crore in March 2012. S Narayanan, the then managing director of IFFCO-Tokio General Insurance, had stated that the company is looking to increase its market share and also earn greater profits over the long term in order to sustain itself well.

The company has also provided compensation to 50 farmers at Tohana in Fatehabad, Haryana for damages sustained by their paddy crop. The checks were provided as per the Barish Bima Yojana that was started during April 2004 and covers the paddy cultivators.

At present the program covers at least 200 districts and insures more than 10 lakh farmers. Almost 3.35 lakh farmers have already received their claims in the program.

IFFCO-Tokio General Insurance Management

The following table lists the individuals who comprise the board of directors at ITGI:

Name Designation
K Srinivasa Gowda Chairman
Rakesh Kapur Director
Lee King Chi Arthur Vice Chairman
SK Kanwar Director
Balwinder Singh Nakai Director
Bahushrut Lugani Director
Dr. BS Vishwanathan Director
Yogesh Lohiya Managing Director and Chief Executive Officer
Dr. US Awasthi Director
NK Kedia Director (Marketing)
PS Gahlaut Director
Y Fukuda Director (Operations)

IFFCO TOKIO Contact Details

The contact details of IFFCO TOKIO may be mentioned as below:

Registered Office

District Centre, Saket,
New Delhi-110017,
Phone No. 011-26542625

Corporate Office

IFFCO TOWER, 4th & 5th Floor,
Plot No. 3, Sector 29,
Gurgaon 122001 (Haryana),
Phone No. 0124-2850100

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Last Updated on 26 October 2012