In the backdrop of registering a higher growth rate than the industry, general insurance major New India Assurance is eyeing total premium collection of Rs 14,500 crore including from its global operations for 2013-14, a top official said here today.
"We are growing at a rate of 15 per cent, higher than the market growth rate of 13 per cent. For 2013-14, the total premium is about Rs 14,500 crore. For 2014-15, we are looking at total premium collection of Rs 16,500 crore including our global operations," New India Assurance (NIA) Chairman and Managing Director, G Srinivasan told reporters here.
Considered one of the largest general insurers, the company had registered profit after tax for the third quarter ending December 31, 2013 at Rs 701 crore up by 36 per cent compared to corresponding quarter of previous year.
About the future plans, he said, the company was expecting to reduce the loss ratio to 88 per cent by 2014-15 from the current 103 per cent.
New India Assurance holds a market share of 15.5 per cent and in the current year it has increased to 15.75 per cent.
On the overseas operations, he said the company had presence in 22 countries and London was one of the big market.
Besides, the insurer was also looking at entering into Myanmar, Canada and Qatar markets during next financial year.
"We are looking at Myanmar. We will be starting operations soon there. We will open a branch office. We are also going through approval process for having presence in Qatar and Canada. May be it will take couple of more months(from now)", he said.
Srinivasan and senior company executives were here to unveil "New India Floater Mediclaim" policy targeted at first time buyers.
The policy covers the entire family under single sum insured against hospitalisation expenses with a premium.
"For example for a Rs eight lakh individual policy, if the premium is Rs 10,000, a first time policy taker may prefer this policy since the premium will be around Rs 8,000 or may be even less. It covers the entire family instead of individual," Srinivasan said.
The company targets to issue 50 mediclaim policies during the next two years, he said.
