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Mumbai, June 10

New India Assurance expects to see a growth of 10-12 per cent in gross written premium this fiscal, said Mr Bimalendu Chakrabarti, Chairman and Managing Director, New India Assurance. In 2007-08, New India Assurance had registered a 5.12 per cent growth in gross written premium at Rs 5,274 crore.

The Chairman said that the premia in the fire and engineering insurance segment had bottomed out. Since the free price regime last year, the premia on fire and engineering policies had plummeted by over 50 per cent.

“The premium on property insurance has seen a huge reduction in the last year. This has affected the growth in premium. Premium on own damage motor insurance has also seen a downward trend,” he said. Mr Chakrabarti added that prices could only head upwards from hereon.

New India Assurance, which is currently present in 37 countries, also plans to expand its overseas presence. “This year, we plan to open one or two offices in West Asia and Africa,” Mr Chakrabarti said. – Our Bureau

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