NIA leader in non–life insurance: GM

30 Oct 2017

Addressing the members, C. Narambunathan pointed out that NIA had been a market leader in non–life insurance holding the number one position with a net worth of Rs. 38,000 cr., while the valuation of the company would be around Rs. 68,000 cr. “With IPO coming, NIA will grow from strength to strength”, he said.
Merchants’ Chamber of Commerce & Industry organized an Interactive Session with Mr Narambunathan, General Manager cum Financial Advisor, The New India Assurance Company Ltd. (NIA) on “New India Assurance : Redefining India’s Insurance Landscape” today.
The total premium of NIA was Rs. 19,000 cr. in 2016–17, With 80% of business coming from reinsurance. Of the total premium proceeds, 39% came from Motor, 26% from Health, including Retail Health & Group Health, 15% Fire, 6% Crop and 3% Marine. While the market share of NIA in Motor, Health, Fire and Marine had been 15%, 18%, 19% and 21% respectively, the figures for the 2nd largest were 12%, 15%, 14.2% and 13% respectively.
Having operations over 28 foreign countries, NIA operations span across all over the country through 2400 offices, including more around 1339 micro offices. The micro offices with a single person operating through agents were crucial for NIA market penetration in Tier III and Tier IV cities.
The focus would be more on retail health than group health, he stressed.
Earlier, in his welcome address, Vishal Jhajharia, Vice President. MCCI said that the policy of the Government to insure the uninsured had pushed the insurance penetration in the country with the general insurance business currently at Rs. 78,000 cr. (EOIC)