New India Assurance plans global expansion

New India Assurance, the largest non-life insurer in the country, has charted out its global expansion plans that include areas like Asia, North America and Africa.

“We have recently entered Myanmar and now we are looking at Qatar. We are waiting for approval for our operations in Canada. We are also looking at entering Uganda,” said New India Assurance chairman and managing director G. Srinivasan in a local media report.

The insurer is already present in countries like Mauritius and Nigeria.

“In Africa, the business is primarily happening in segments like motor and property. We are witnessing a growth of 10-12 percent there and New India earned a total premium of INR400 crore from Africa in 2014-15,” he said.

“Indian market is much more developed. We can give them technical expertise. We can also provide them reinsurance capacities. India has lot of qualified insurance experts and we can provide their services to them.

“New India and GIC Re are already providing reinsurance capacities to African countries at present from their headquarters in India,” he said.