General Insurance Market on Robust Growth Streams..

New India Assurance Co Ltd, the nation’s only globally rated general Insurer, recently inaugurated their newly refurbished Large Corporate  &  Broker’s  office at  Chennai .

Mr. G. Srinivasan, Chairman cum Managing Director speaking to the press on this occasion, pointed out that , from November 2013 onwards , they have been growing ahead of the, market on CAGR.  The Company, has grown   at 14.03 %  up to November 2013  and  the turn over reached Rs.7,420 crores  this fiscal, while the market grew at 13.17 %.

 

Thus , the public sector insurer has started increasing their market share, though they were already the market leader . He attributed the growth to robust performance in all stream of business ,especially in Motor & health.  While the slow down has impacted  the entire Industry considerably, he hoped that the last quarter of this fiscal would drive the business as the economy would pick up.

He stated that the growth has come from retail  & corporate streams . The Large corporate & Brokers Offices the Company have been setting up has emerged as a preferred destination for corporates for their complex insurance needs. These offices, just like the Chennai office being re-launched today, offers business expertise  and Reinsurance support for any major risks. Large brokers also have found these offices a single stop for their customers’ needs.

New India Assurance would soon, touch 2,000 offices in India , as the Micro offices number alone is poised to touch 1,000.  Company also plans to open new Regional offices in Raipur, Madurai & Hubli for more devolution of powers  and helping in taking decisions.

Mr. Srinivasan was quite confident that the Target of Rs. 15,000 Cr , global premium, would be met  and the Company would continue its track records of , past 4 quarters , of good profits . He also expected the combined ratio to come down , based on the efficiencies that the company has been able to achieve.

Photo Caption: (from left to right) Ms. J. Jayanthi – Regional Manager, Mr. G. Srinivasan, Chairman & Managing Director,

K. Sanath Kumar – Director & General Manager & Mr. K. Ravi Shankar – Deputy General Manager.

For further information kindly contact :

Mr. Satyan Bhatt, Prism PR, m : 98400 85411, Email: info@prism-india.com

Ms. J. Jayanthi, The new India Assurance  Co. Ltd. M : 98402 53947

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