New India Assurance to expand overseas operations

Eyes total premium income of around Rs 15,000 cr this fiscal

New India Assurance Company Ltd, the public sector insurer, is all set to expand its operations in Canada, Myanmar and Qatar.

The company has set a premium income target of about Rs 15,000 crore for the current financial year, as compared to Rs 12,505 crore a year ago.

Speaking to reporters in Chennai, G Srinivasan, chairman-cum-managing director of the company said his firm would “reactivate” its operations in Canada, while starting operations  at Myanmar and Qatar by opening new branches.

The company exited Canada 30 years ago. “We will be active in that market soon. Approvals from government of India and Irda (Insurance Regulatory and Development Authority) are awaited,” Srinivasan added.

Currently, overseas business contributes to about 20 per cent of the total premium and the company is planning to increase it to 25 per cent in the next three-four years. The company has operations in 22 countries, raking in about Rs 2,500 crore.

The company plans to open a representative office in Myanmar and would start business operations once the country permits new players.

As far as Qatar was concerned, the companies said it was waiting for the approval of the central government and Irda.

The company earned a premium of around Rs 8,400 crore till December 2013, an increase of around 15 per cent.

Srinivasan claimed this was better than the industry’s growth.