New India Assurance reaches Rs 10,000 cr premium collection mark

As per the Insurance Regulatory and Development Authority,New India Assurance had collected Rs 6,367.33 crore in premium amount for the period April 2010 ¿ February 2011,which was 17.2 per cent growth over its business of Rs 5,431.9 crore over the corresponding period of the previous fiscal.

Referring to the growth in various verticals,the official said motor and health insurance segment contributed significant part of the total premium collected during the last fiscal.

“Though all the verticals witnessed good growth,majority of the premium collection came from motor and health segments,” he said.

The official further said growth prospects look better in the current fiscal due to uptick in economic activity.

“We are hopeful of maintaining the present growth momentum in the current fiscal as the economic outlook looks better during this year,” he said.

Also,the expected rise in risk premium is likely to benefit the company in FY13 as per industry experts.

The Mumbai-headquartered general insurer has a network of 1,068 offices,comprising 28 regional offices,393 divisional offices and 648 branches. The company also has around 23 overseas branches across Asia,Africa,and Australia among others.