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New India Assurance is targeting 18 per cent growth in premium income this fiscal.
Terming it a conservative target, G Srinivasan, Chairman and Managing Director of New India Assurance said the company had achieved 19 per cent growth in premium income last year to reach ₹26500 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 when asked why the insurance major had sought to achieve 18 per cent against the 19 per cent growth achieved last year.
He moved on to add that during the last two years, crop insurance was a major driver of growth in the market. “If Ayushman Bharat materialises, we will surpass our target. This has not been factored. Current indication is the scheme will be rolled out in October,” he added.
The company, while focusing on retail business foresees health and and to a lesser extent motor insurance claims as two challenge areas. “We brought down the health loss ration from 114 to 103 last year. We are now aiming to bring it down further to 95. Motor OD loss ratio also fell from 84 to 74 last year. We are now targeting at 68. With reduction in loss in these two areas, we hope to see substantial gains in overall trend,” he said.
Srinivasan was in the city to inaugurate the refurbished divisional office of the company.
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