NIC to make West Asia, Africa foray

Public sector general insurance company, National Insurance Company (NIC), is in the process of foraying into West Asian and African markets, said its chairman and managing director NSR Chandraprasad.

“We will enter these markets either through acquisition or a strategic partnership route,” he said while declining to draw any timeline.

Inaugurating NIC’s new premises here on Monday, he said the company had set a premium collection target of Rs 5,000 crore for the current financial year, as against Rs 4,700 crore last fiscal. “At present, our market share is 14 per cent. We plan to capture a further 2 per cent share this year,” he said. The company would open around 301 business service centres across the country by this fiscal.

 

NIC has tie ups with Maruti and Honda for providing vehicle insurance. It is in active discussions with Bajaj and Hyundai for similar partnerships.