KUWAIT : As a global insurance giant, New India Assurance Company is seeking to enhance its international operations further, said Rajendra Beri, chairman-cum-managing director of the company.

"We have a growth rate of seven per cent globally. Our total contribution to the global insurance operations is approximately 20 per cent. Our international operations have been spread across the globe, though they don't show much growth because we want to see a balanced growth as well as profit," he said recently in Kuwait. The company paid a dividend of 20 per cent this year. It has also subsequently raised the paid-up capital to $30 million.

The New India Assurance is operating in Kuwait since 1953 with Mohammed Saleh Behbehani as its chief agent. The company has made great penetration into the Kuwait market with a balanced portfolio. Today, the company is engaged in doing business in fire, marine, motor and miscellaneous class of insurance. In 2003/04, the company in Kuwait has completed $5.9 million as premium and made a profit of $36,000, while it has given away $2.84 million as claims. New India Assurance operates in five continents spread over 23 countries through 39 outlets as agencies, branches, subsidiaries and associate companies. As part of its global expansion strategy, the New India Assurance is currently looking at Nepal and Qatar, Beri informed. He said that the insurance rules and regulations were changing in the Middle East.

"We have applied for a licence to operate in Saudi Arabia where insurance regulations are changing. We propose to do both life and non-life insurance businesses in Saudi Arabia," he said. Talking about the Indian market, he said the Indian insurance industry is going through dramatic changes following the opening up of the insurance sector. "Today there are 12 players in the market, eight of them are joint ventures of European and Japanese companies while four are fully owned by the government," he pointed out. He admitted that the company has lost approximately ten per cent of its market share following the insurance sector reforms.

"As a global company, we welcome competition. Moreover, the size of the Indian market is huge where we have about 11,000 offices across the country," he added. New India Assurance Company has completed $1,119 million as premium in 2003/04 with 30 per cent market share while its investments stood at $1,801 million. The company's asset value is around $3,979 million and its solvency margin is $773 million. "As a public sector undertaking, our solvency margin is 3.46 times of what is statutorily required in India. We have been rated as 'A' excellent for the last six years consecutively by A M Best, a European company," he said adding that it is the largest non-life insurer in the entire Afro-Asian region except Japan.

It is the number one insurance company in India in terms of all the technical parameters required by an insurer. Vijay Kapur, general manager of the agency, who was also present at the press conference, said the partnership with Behbehani Group works well as both believe in assimilating best international practices and offering best in terms of products and services.