New India Assurance (NIA), the largest non-life insurer in the country, has charted out its global expansion plans that include areas like Asia, North America and Africa.
"We have recently entered Myanmar and now we are looking at Qatar. We are waiting for approval for our operations in Canada. We are also looking at entering Uganda," New India Assurance chairman and managing director G Srinivasan told PTI.
NIA is already present in countries like Mauritius and Nigeria. It has an associate company in Kenya which operates in Kenya and Tanzania as well.
"In Africa, the business is primarily happening in segments like motor and property. We are witnessing a growth of 10-12 per cent over there and New India earned a total premium of Rs 400 crore from Africa in 2014-15," he said.
"Indian market is much more developed. We can give them technical expertise. We can also provide them reinsurance capacities. India has lot of qualified insurance experts and we can provide their services to them.
"New India and GIC Re are already providing reinsurance capacities to African countries at present from their headquarters in India," he said.
As of now, 18 per cent of NIA's business comes from the international market.
"We are aiming at 20 per cent market share in the country by 2020 and our foreign business would contribute 25 per cent by that time.
"As of now, 18 per cent of our business comes from the international market and we are confident that by 2020, we will not only attain our business targets, but also evolve into a leading Indian multinational in the financial sector," he added.
Federation of Afro-Asian Insurers and Reinsurers (FAIR), a body of 250 insurers from 53 countries in Asia and Africa also recognises India as one of leading insurance markets.
"FAIR recognises India as one of leading insurance markets and the recent change in the country's law allowing the FDI hike in the insurance sector to 49 per cent from 26 per cent at present will make insurance market here more attractive as it will bring in more capital and investment," secretary general of FAIR, Adel Mounir said.
"Africa is now growing, especially in sectors like oil expansion and exploration, hence the Indian insurers spreading their wings in Africa may look at those sectors," he said, adding "I feel that insurers in India and Africa can work together in the reinsurance sector.
