India’s largest non-life insurance company New India Assurance aims to cross the Rs 18,000-crore mark in global premium collection in 2015-16. This includes Rs.15,000 crore premium from domestic market by the end of the current fiscal.
Last year, New India closed the fiscal year 2014-15 by achieving up a global premium of around Rs 16,000 crore which includes domestic premium of Rs.13,250 crore and international premium of Rs. 2,810 crore in 2014-15
Motor insurance alone contributed more than 40% of the total domestic premiums at Rs. 5,363 crore during the year 2014-15. Retail business, which comprises 65% of New India’s business at the moment, will continue to be the focus of the company.
The company is also looking at launching more products under health and motor segments this financial year. They have filed for the new products under the health and motor segments with the IRDAI (Insurance Regulatory and Development Authority of India).
