New India Assurance to enter Qatar, Myanmar

To increase its overseas business country's leading general insurer New India Assurance on Friday announced that it has proposed to expand its overseas operations in Canada, Myanmar and Qatar.

“We will be enhancing our operations in Canada and will enter Myanmar and Qatar market. Currently our overseas operations contribute around 20 per cent of the total premium. We want to take this up to 25 per cent in three/four years’ time,” CMD of New India Assurance G Srinivasan said.

The Rs.12,505 crore premium income company had operations in 22 foreign countries earning a premium of around Rs.2,500 crore last year and a profit of around Rs 200 crore, he said.

“We came out of the Canadian market 30 years back but have been renewing our branch licence there. We will be active soon. Approvals from the Centre and Irda (Insurance Regulatory and Development Authority) are awaited,” Srinivasan added.

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