New India targets 18% growth in premium income

G Srinivasan, Chairman and Managing Director, New India Assurance, stated that the company had achieved 19 % growth in premium income last year to reach Rs26,500 crore. “We are targeting 18 per cent growth this year. Indian general insurance industry is on a high growth path as there is increasing awareness and better disposable income at present. This is a conservative target though,” he said.

Adding to the fact that crop insurance was a major growth driver in the market. “If Ayushman Bharat materialises, we will surpass our target. This has not been factored in. Current indication is the scheme will be rolled out in October,” he said.

 

Health and motor insurance claims are its two challenge areas, whereas the Company focusses on retail sector.