New India Assurance targets ₹16,500-cr premium next fiscal

Public sector general insurance major New India Assurance Company Ltd is targeting a gross premium of ₹16,500 crore for financial year 2014-15.

The company hopes to close the current financial year with a total premium of ₹14,500 crore, said G. Srinivasan, Chairman and Managing Director. It will increase focus on the retail segment to contribute to this growth. “Though we are known for our corporate business, we find that the growth opportunity lies in the retail segment,” he said.

Upgraded policy “We will soon approach the regulator with a health insurance top-up policy. We will also come out with a package policy covering home and its contents including health insurance for family members against various risks,” he said at the launch the company’s upgraded health insurance policy New India Floater Mediclaim.

The company has opened 1,500 micro offices in rural areas and will expand further to increase its reach in rural markets. It has started sending out vans with computers connected to the company’s core server to sell its different policies in the rural market.

Earnings With the launch of the floater insurance product, the company hopes to earn around ₹3,500 crore from the health insurance business this year. As the floater insurance policy is 15-20 per cent cheaper than individual covers, people are opting for that, he said.

New India Assurance expects to set up a branch office in Myanmar in the next two months.

The company had a presence there till 1960, before it was nationalised. The country is now opening up, is rich in resources and has strong Indian connections, he said.