New India Assurance sets Rs 15,000 crore premium target for FY14

KODAIKANAL: The New India Assurance Company has set a target of Rs 15,000 crore for premium collection in the current financial year.

It would launch a series of measures to even surpass its target and grow above the market growth rate, the company's Chairman and Managing Director G Srinivasan said here today.

He said the company is also planning to recruit 25,000 agents in the current fiscal and foray into retail business, with a view to increasing its presence significantly in rural, social and micro-insurance sectors.

Sixteen more micro-insurance products have been added to the company's stable and revised health insurance products are also in the offing, Srinivasan said.

He said the company would settle large number of Motor Third Party (TP) claims through compromise and conciliation.

The company also plans to enter insurance business in Qatar, Myanmar,and Canada.

The company had opened 48 micro offices in Tier II and III cites and rural areas, and had adopted two villages in Sivaganga district.

Earlier, the CMD addressed a meeting of General Managers of the company from across the country.