New India Assurance sets Rs 15K-cr premium target for FY'14

KOLKATA: Public sector general insurer New India Assurance has set a target of Rs 15,000 crore for premium collection in the current financial year.

"In the last fiscal, the company's premium collection was Rs 12,500 crore, out of which Rs 2,500 crore was from overseas. This fiscal, we are targeting Rs 15,000 crore that includes Rs 3,000 crore from abroad," Chairman and Managing Director of New India Assurance, G Srinivasan, told reporters here.

New India would focus on corporates and retail sector for growth. "For tapping the retail sector, the company will hire 20,000 agents in addition to the existing 50,000. By 2015, the company will have one lakh agents," he said last evening.

To tap the semi-urban and rural sector, Srinivasan said the company would set up micro-offices across the country.

He said New India was the largest general insurer in the country with a market share of 15.5 per cent.

Having its presence in 22 countries, the company is now eyeing Myanmar, Canada and Qatar, he said.

In the aftermath of the Uttarakhand disaster, the company's claims stood at Rs 100 crore.