New India Assurance targets Rs 16,500-crore premium next year

Govt-run general insurer bets big on retail business

New India Assurance Company Ltd said it expects to close the financial year with a premium collection of Rs 14,500 crore and for the next, it has set a target of Rs 16,500 crore. The company will focus more on retail business to fuel its growth, said  G Srinivasan, chairman-cum-managing director of the company.

He said in the last two years the company had been pushing the retail business, while earlier the thrust was in corporate business.

“Corporate business has saturated, so the growth lies in retail segment,” said Srinivasan.

Speaking to reporters after launching company’s upgraded health insurance policy New India Floater Mediclaim, he said, the insurer will approach the Regulator with a health insurance top-up policy.

"The trend is that people are opting for floater insurance cover as compared to individual covers as it is around 15-20 percent cheaper," said Srinivasan.

"We will soon come out with a package policy covering home, its contents, health insurance against various risks," he said.

The general insurer has set a target to clock around Rs.3,500 crore from health insurance business.

Speaking about the international business he said, currently overseas operations contributes around 22 percent of the total business. "Myanmar branch will be soon operational as it has got all the regulatory approvals, while Canadian and Qatar forays await regulatory approvals," said Srinivasan.

Earlier he said that the company's target for the entire global operation is Rs 15,000 crore for the current year. Srinivasan said the company is on the right track, though it is not a easy job.