Page 9 - Insurance Times September 2015 SAMPLE

General Insurance

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New India Assurance records 42% increase in Q1 profit PSU General Insurers on

New India Assurance reported a 42 with some select large corporate un- Promotion Spree, El-
percent jump in net profit at Rs.441 dertaking expansion plans.
crore in the first quarter ended June evate 21 DGMs to GMs
31, 2015, as against Rs.311 crore in Looking forward, the company is eye-
the year ago period. ing a global premium of Rs.18,000 Public sector general insurers have
crore; Rs.15,000 crore from domestic promoted their 21 young officials to
Premium from India and overseas in- operations and balance from overseas the posts of General Manager. Gen-
creased 14 percent each (year-on- in FY 2016. eral Manager is an important post
year) to Rs.3,877 crore and Rs.711 in a Public Sector General Insurance
crore respectively. Currently, retail line of busi- Company and future CMD of the
ness accounts for 65 per- industry will be selected from
Investment income edged cent of the total business. among these newly elevated offi-
up marginally to Rs.965 The balance is accounted cials. In this space GMs are 2nd in
crore (Rs.938 crore in the by the corporate segment. ranking and equivalent to Executive
year ago quarter). With regard to the plans of Directors at state run banks.
expansion, Srinivasan said
The combined ratio, which his company will open 300 The largest player New India Assur-
is an indicator of profitabil- micro offices this year, tak- ance has elevated seven of its
ity of an insurer, improved ing the number of such of- deputy GMs, while United India and
to 110 percent from 115 percent in the fices to 1,500. It will also open a rep- Oriental Insurance promoted five
year ago quarter. The incurred claims resentative office in Qatar. each. It was followed by National
ratio also improved to 76 percent from Insurance and GIC Re, which pro-
87 percent. The insurer has tied up with 237 banks moted two each.
to push the Pradhan Mantri Suraksha
Chairman & Managing Director, G. Bima Yojana. In the latest promotional exercise,
Srinivasan, attributed the improve- many officials at GIC Re, New India
ment in the combined ratio to reduc- These tie-ups have resulted in enrol- Assurance, United India Insurance,
tion in claim ratio and expenses and ments of about Rs 1.30 crore as of June National Insurance Company, Orien-
increase in premium earnings. While and the premium procured was tal Insurance, with long years of
the retail line of business continues to Rs.11.3 crore. So far, the insurer has residual service, have been pro-
grow, he pointed out there was also a received 16 claims, of which it has moted as General Managers.
recovery in the corporate segment, settled 13.

VGIC Re launches nuclear pool

General Insurance Corporation of India (GIC Re), the Indian Reinsurer, in association with 11 new-life insurance companies
including four public sector non-life insurers, recently launched the Rs.1,500 crore India Nuclear Insurance Pool. The premium
will be 2 percent of sum assured for every nuclear plant. The pool has been formed by collating the capacities of the reinsurer
and the non-life insurers' to provide risk transfer mechanism to operators and suppliers to meet obligations under the Civil
Liability of Nuclear Damage Act, 2010. Collectively, the capacity of the reinsurer and insurers under the pool is Rs.1,000 crore.

The Insurance Times, September 2015 5

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