Mumbai, Dec 8 (PTI) Marsh India Insurance Brokers is hopeful of growing over 25 per cent in 2021 to clock Rs 7,500 crore premium sales on the back of recent acquisition of rival firm JLT Insurance Brokers, a top company official has said.

The local arm of the New York-based brokerage, which is the world's largest, has sold over 3 million health policies alone in the country in 17 years.

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Marsh India, which entered the country in 2003, is the largest insurance brokerage with 5,800 corporate clients.

We closed 2019 with premium sales of Rs 6,000 crore, growing 20 per cent over the previous year. Since the pandemic, mediclaim sales have been good and we hope to close 2021 with a growth of 25 per cent and premium sales of Rs 7,500 crore, Sanjay Kedia, Marsh India's country head and chief executive, told PTI.

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At this growth rate, India is the fastest market for the group globally, he said.

The company expects its premium sales to remain almost flat at Rs 6,000 crore in 2020.

Marsh India nets one-third of its revenue from health policies, which is the fastest growing segment for the company, and sees its contributing 40 per cent of the topline in the next two years.

Kedia said the company is growing at over 25 per cent now, which is much above the industry average of around 18 per cent.

Marsh India employs around 1,100 people, including around 150 employees absorbed from JLT, and will continue to hire around 150 people annually, he said.

Kedia said from selling just one cyber risk policy in FY15, the company has sold around 250 standalone cyber policies in the market, which is roughly 45 per cent of the market.

Total cyber premium placed here is around USD 300 million, he added.

Globally, Marsh gets over USD 1 billion premium annually from over 6,300 cyber risk policies.

In October, Marsh India completed acquisition of insurance broking operations of JLT Independent Insurance Broking India.

The transaction followed the acquisition of JLT Group by Marsh & McLennan Companies in April,2019 globally.

Formed in 2003, Marsh India is a joint venture between Marsh International Holdings Inc and India-based Rampart Trust, and was one of the first foreign insurance brokers to be registered as a composite broker with the Insurance Regulatory and Development Authority of India (Irdai).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)