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New India Assurance Outlook Positive With Growth Recorded

New India Assurance, operational in Fiji for over 60 years, says its business performance here continues to improve. The company reported Gross Premium of $38.6 million in 2014 compared to
15 Apr 2015 09:14
New India Assurance Outlook Positive With Growth Recorded
New India Assurance chairman/managing director, G. Srinivasan, during a press conference in Lautoka yesterday. Photo: WAISEA NASOKIA

New India Assurance, operational in Fiji for over 60 years, says its business performance here continues to improve.

The company reported Gross Premium of $38.6 million in 2014 compared to $37 million the previous year.

Gross premium is the total premium amount the company received from its customers.

New India Assurance chairman/managing director, G. Srinivasan, made these comments yesterday during a special visit to Fiji.

Mr Srinivasan further assured of New India Assurance global’s commitment to the Fijian operations.

“Our asset base is $116 million and we are doing consistently well over the 60 years we have been here. All these years, we have done well,” he said.

Mr Srinivasan further stressed he was happy with the current economic climate in Fiji.

“The country has been growing in the past five years and I am very happy to note that this year the country is poised to grow by 4.3 per cent,” he said.

“This is a very good growth rate by international standards. So with the country growing, we feel there are opportunities for us to do well here.”

Mr Srinivasan said they are discussing internally how they can add value to the market using technology to provide policies to customers.

“So we will implement them in course of time. In terms of products, we give all the products available internationally.”

New India Assurance has been successful in a competitive environment in Fiji where there are at least six insurance players, Mr Srinivasan said.

“But New India has some advantages. It is a global company and global premium is US$2.6 billion. Our asset base is US$10 billion,” he said.

“So that gives us a lot of advantages in Fiji. We have customers who are insuring with us decades after decades. We have financial network to support and good track record.”

Feedback:  waisean@fijisun.com.fj

 




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