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New India Assurance has set a target of garnering a premium of ₹18,000 crore in the current financial year as against ₹16,000 crore in FY2015.
Motor and health insurance segments will continue to be growth engines for the company, said G Srinivasan, Chairman and Managing Director, at a press conference held to announce the launch of a long-term two-wheeler policy.
In FY15, India’s largest public sector non-life insurer notched up a premium growth of about 12 per cent. Of the ₹16,000-crore premium, the domestic segment accounted for about 83 per cent while the balance came from overseas.
Srinivasan said that with the economy expected to do better in FY16, non-life insurance business will pick up from the second quarter onwards.
Referring to studies conducted by various bodies that out of the seven crore registered two-wheelers, 50-55 per cent do not renew their policies after the first insurance, the New India chief said the long-term insurance policy will address the problem of uninsured vehicles.
The ‘New India Long Term Two-Wheeler Policy’ will offer insurance coverage for two or three years as against the current practice of annual renewal. Srinivasan said if the insurance regulator permits, a five-year policy could also be launched.
The policy will offer protection from any revision in premium for both third-party and own damage and also comes with the option of nil depreciation cover on payment of extra premium.
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