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Our Bureau

In talks for general insurance tie-up

New Delhi , Nov. 28

Max New York Life Insurance plans to foray into the micro insurance sector. The company is right now looking at the various aspects of micro insurance in terms of product packaging, pricing and chalking out distribution models, Mr Gary R. Bennett, Managing Director and CEO of Max New York Life Insurance Co Ltd, said.

Speaking to newspersons, he said, "we are in the early stages of talks with a general insurance company for a tie up for the micro insurance foray." He, however, declined to give any time frame when the company is likely to go for the venture. It is going to be a great opportunity for the insurance company, he said adding, the next phase of development of the life insurance industry will be in rural areas.

Capital infusion

Speaking about the fresh capital infusion, Mr Analjit Singh, Chairman, Max India Ltd and Max New York Life, said, the company planned to raise its paid-up capital to Rs 1,000 crore in next two years and eventually to Rs 1,500 crore. Currently, the paid-up capital of the company stands at Rs 617 crore.

The company expects to break even by 2008-09. The company, which registered more than 100 per cent growth last year, intends to roll out about seven new products next year.

FDI limit

Asked about the foreign direct investment limit (FDI) in the insurance sector, New York Life Insurance Co, Chairman and Chief Executive Officer, Mr Sy Sternberg, said the company wants the Indian Government to raise the FDI in the insurance sector. "Our highest priority at the moment is to see the FDI cap lifted. It will help us scale up our investment in India," he added.

New York Life has 26 per cent equity — the highest permitted at present and has committed to increase its stake to 49 per cent, when the Government raises the cap.

More Stories on : Life Insurance | General Insurance | Rural Development

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