The New India Assurance is hopeful that its premium income may grow at 20 per cent in the current financial year with rising contribution from all verticals of the company. The general insurance company has a Rs 6,000-crore business in India and Rs 1,175 crore business from its international operation. “The combined ratio for the company was 117 per cent in the last financial year, and we aim to reduce it to around 109 per cent this year,” Chairman and Managing Director M Ramadoss said.
A combined ratio of above 100 per cent means the insurer pays more on settlement claims than it receives as premium from clients.
The company was trying to reduce the settlement period to 20 days from 55 now, he added. The insurer, which has different verticals such as motor, health, fire and miscellaneous, is looking at good growth in all segments.
