New India Assurance (NIA), the largest non-life insurer in the country, has charted out its global expansion plans that include areas like Asia, North America and Africa.
- NIA is already present in countries like Mauritius and Nigeria. It has an associate company in Kenya which operates in Kenya and Tanzania as well.
- In Africa, the business is primarily happening in segments like motor and property. We are witnessing a growth of 10-12 per cent over there and New India earned a total premium of Rs 400 crore from Africa in 2014-15.
- Federation of Afro-Asian Insurers and Reinsurers (FAIR), a body of 250 insurers from 53 countries in Asia and Africa also recognises India as one of leading insurance markets.
- “FAIR recognises India as one of leading insurance markets and the recent change in the country’s law allowing the FDI hike in the insurance sector to 49 per cent from 26 per cent at present will make insurance market here more attractive as it will bring in more capital and investment.
- Africa is now growing, especially in sectors like oil expansion and exploration, hence the Indian insurers spreading their wings in Africa may look at those sectors.
WHAT IS FAIR?
-Federation of Afro-Asian Insurers and Reinsurers
Who is secretary general of FAIR?
Who is the chairman and managing director of New India Assurance?