One of the biggest non-life insurers of India, New India Assurance (NIA) is planning to launch four new products in this year. Two products will be launched in the motor and another two products in the health segments. Both the motor and health verticals have a significant share of business in the overall portfolio of NIA.
The products have been filed with Insurance Regulatory and Development Authority of India (IRDAI). New India is awaiting IRDAI’s approval to make the products live to public.
Mr. G Srinivasan, Chairman and Managing Director of New India Assurance, shared some of his views on expected business performance for current financial year:
On Profitability and Claims – “Though our results for 2014-15 are yet to be announced, we feel that we have done better on both fronts.”
On Business line – “The focus of the company will continue to be on retail, which comprises 65 per cent of its business now, during the current fiscal”.
On Contribution to Industry Growth – “We are hopeful of achieving 15-16 per cent growth during this year (2015-16). If the trend continues, then maybe by 2016-17, we should clip at 18-20 per cent.”
