New India eyes Rs 18,000 crore total premium in 2015-16

India’s largest non-life insurer New India Assurance has set the bar high as it aims to cross the Rs 18,000-crore mark in global premium.

This includes Rs 15,000 crore as domestic premium by the end of the current fiscal, a top company official said here today.

The company closed the fiscal year 2014-15 by notching up a global premium of around Rs 16,000 crore.

“We’ve achieved a global premium of more than Rs 16,000 crore, including domestic premium of Rs 13,250 crore and international premium of Rs 2,810 crore in 2014-15, showing a growth of 12 per cent against the previous year’s premium income of Rs 14,300 crore,” New India Assurance Chairman and Managing Director G Srinivasan said here.
New India achieved a premium income of Rs 5,363 crore from motor premium alone during the year gone by, and 10 per cent of it came from the two-wheeler premium category, he said on the sidelines of launch of long-term two-wheeler policy.

According to the CMD, his company is looking at launching more products under health and motor segments this fiscal.

“We have already filed for the new products under the health and motor segments before IRDAI (Insurance Regulatory and Development Authority of India),” he said.

He added that retail, which comprises 65 per cent of New India’s business at the moment, will continue to be the focus.

To a specific query, he said, “Though the industry has slowed… it’s likely to grow 15 per cent during the current fiscal, and things have already started improving for the last 2-3 months.”
Asked about the new long-term two-wheeler policy, Srinivasan said: “The customer will get an assured discount of 30 per cent for 3-year and 20 per cent for 2-year policies. There can be up to 50 per cent of savings on own damage premiums in case one goes for a 3-year long-term policy.”

He hinted that his company is looking at the launch of a similar product under the four-wheeler segment too in future.

Curated from: New India eyes Rs 18,000 crore total premium in 2015-16

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