Zuno General Insurance plans to improve combined ratio by 500-700 bps over 2 years

Shanai Ghosh, Zuno General Insurance MD & CEO
| Photo Credit:
cueapi

Zuno General Insurance, which is looking to break-even next fiscal, is planning to improve its combined ratio by 500-700 basis points over the next two years.

The Mumbai-based insurer’s Expenses of Management (EoM) ratio for the nine month ended of this financial year stood at 31.3 per cent. “We will come very close to the threshold level of 30 per cent at the end of this financial year. In the next financial year we will definitely reach the threshold EoM ratio,” Zuno General Insurance MD & CEO Shanai Ghosh told businessline.

Currently, Motor insurance contributes around 50 per cent to the insurer’s gross premium, while around 35 per cent of its gross premium comes from Health insurance.

“We expect that Motor will continue to be around 50 per cent, Health will be around 30 per cent. For the 9MFY26, Motor insurance growth for us was much higher than the industry growth. For us, specifically, the second half (H1FY26) was better, we grew much higher than industry. This is despite Own-Damage motor insurance premiums crashing quite a bit. Now they are kind of bottoming out. We don’t think that it will crash further,” Ghosh said.

The insurance company’s combined ratio (loss ratio plus expense ratio) for the nine months end of the current financial year stood at a little over 120 per cent.

“We expect a 5-7 per cent reduction in the combined ratio over the next two years through product mix and natural scale. So, our product mix would shift. Natural scale will reduce our OpEx (operational expenditure),” the MD added.

Published on March 4, 2026