Latest news with #GirijaSubramanian
Economic Times
21-05-2025
- Automotive
- Economic Times
Half of India's vehicles still uninsured, says New India Assurance chief
Nearly half of India's automobiles remain uninsured, posing significant risks to accident victims and the broader insurance ecosystem, despite the availability of data on vehicle insurance, reported TOI citing Girija Subramanian, CMD of New India Assurance, the country's largest general insurer. ADVERTISEMENT 'Only 52% of vehicles are insured. Although the data exists, enforcement is lacking,' TOI quoted Subramanian as saying in an interview. She called for a revision in third-party motor insurance premiums, which haven't been updated in five to six years, despite rising court awards linked to inflation. In 2018, the Supreme Court mandated long-term third-party cover for new vehicles to curb the issue of uninsured vehicles. The Insurance Regulatory and Development Authority (IRDAI) followed up with rules requiring three-year third-party cover for new cars and five years for two-wheelers. Yet, the number of active motor insurance policies still lags behind total vehicle registrations. To strengthen its position in the competitive motor insurance space, New India Assurance is aiming to regain market share, particularly in the private car and two-wheeler segments. These are traditionally high on commission costs but lower on claims than commercial vehicles, which dominate the company's current portfolio.'We'll be working on this segment-wise and hope to crack it this year,' said insurer is also expanding its digital footprint by partnering with platforms like PhonePe and investing in the IRDAI-backed insurance marketplace, Bima Sugam. 'It's a work in progress. We're seeing traction but plan to scale up,' she added. ADVERTISEMENT (With inputs from TOI) (You can now subscribe to our Economic Times WhatsApp channel)
Time of India
21-05-2025
- Automotive
- Time of India
Half of India's vehicles still uninsured, says New India Assurance chief
Despite data availability, nearly half of India's vehicles are uninsured, posing risks, according to New India Assurance CMD Girija Subramanian. She advocates for revised third-party motor insurance premiums, unadjusted for years despite rising court awards. New India Assurance aims to regain market share in private car and two-wheeler segments and expand its digital presence through partnerships and investments. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Nearly half of India's automobiles remain uninsured, posing significant risks to accident victims and the broader insurance ecosystem, despite the availability of data on vehicle insurance, reported TOI citing Girija Subramanian , CMD of New India Assurance , the country's largest general insurer.'Only 52% of vehicles are insured. Although the data exists, enforcement is lacking,' TOI quoted Subramanian as saying in an interview. She called for a revision in third-party motor insurance premiums , which haven't been updated in five to six years, despite rising court awards linked to 2018, the Supreme Court mandated long-term third-party cover for new vehicles to curb the issue of uninsured vehicles. The Insurance Regulatory and Development Authority IRDAI ) followed up with rules requiring three-year third-party cover for new cars and five years for two-wheelers. Yet, the number of active motor insurance policies still lags behind total vehicle strengthen its position in the competitive motor insurance space, New India Assurance is aiming to regain market share, particularly in the private car and two-wheeler segments. These are traditionally high on commission costs but lower on claims than commercial vehicles, which dominate the company's current portfolio.'We'll be working on this segment-wise and hope to crack it this year,' said insurer is also expanding its digital footprint by partnering with platforms like PhonePe and investing in the IRDAI-backed insurance marketplace, Bima Sugam. 'It's a work in progress. We're seeing traction but plan to scale up,' she added.(With inputs from TOI)
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Business Standard
20-05-2025
- Business
- Business Standard
New India Assurance to launch parametric insurance for climate risks: CMD
State-owned New India Assurance will this month launch a parametric insurance product, which will provide a financial safety net to its retail and business customers against climate risks, said chairman and managing director Girija Subramanian on Tuesday. Parametric insurance refers to losses arising out of calamities including heavy rainfall, high speed wind and flood/drought. Unlike traditional insurance policies, the payout in case of parametric insurance products depends upon triggering of pre-defined parameters, thus allowing for quicker claim settlement. "Parametric insurance is a use and file product, which is allowed by the regulator IRDAI. We have got it already registered on IRDAI so the product is ready and can be used across both retail and business groups. We are ready with that in a big way," Subramanian told PTI. Asked about the timeline for launch of the product, she said: "We will be launching it by the end of this month." Subramanian said the parametric insurance product would mostly cover climate-related uncertainties, which affects daily livelihood, employment generation, and so on. "Climate change affects so many things. So normally, this kind of parametric covers are based on thresholds. Once the threshold is breached, the claim is paid," she said. The threshold, she said, is measured by publicly available data, like IMD declarations and the claim settlement in such policies is climate driven. On Monday, New India Assurance, India's largest general insurer by market share, had reported about 2 per cent drop in net profit at Rs 347 crore for the fourth quarter ended March 2025. The public sector general insurance company had a net profit of Rs 354 crore in the March quarter of 2023-24 fiscal, according to a regulatory filing. Total income, however, rose to Rs 10,966 crore in the latest fourth quarter, up from Rs 10,849 crore in Q4FY24. For the full 2024-25 fiscal year, New India Assurance reported a 12.49 per cent drop in net profit at Rs 988 crore. In FY24, the net profit was Rs 1,129 crore. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
United News of India
20-05-2025
- Business
- United News of India
New India Assurance reports record Rs 43,618 cr GWP in FY25
Mumbai, May 19 (UNI) The New India Assurance Company Ltd (NIACL), India's largest general insurer by market share, on Monday announced its financial results for the fourth quarter and full fiscal year ending March 31, 2025, registering an all-time high Gross Written Premium (GWP) alongside notable operational improvements. The company's GWP rose by 3.86 percent to Rs 43,618 crore in FY25, compared to Rs 41,996 crore in the previous fiscal year. NIACL maintained its leadership position with a market share of 12.6 percent in the general insurance sector. Operational efficiencies contributed to a reduction in the combined ratio from 120 percent in FY24 to 117 percent in FY25. The solvency ratio strengthened to 1.91 times as of March 31, 2025, up from 1.81 times a year earlier, reflecting enhanced financial stability. Girija Subramanian, Chairman and Managing Director, said, "It gives me great pleasure to report NIACL's record Gross Written Premium of Rs 43,618 crore in FY25 despite challenging market conditions. Our focus on profitable growth has yielded results, with underwriting losses reduced by 11 percent due to a lower claim ratio and significant cost optimisation. The combined ratio improved from 119.88 percent to 116.78 percent year-on-year." She added, "While the Motor Third Party segment's elevated loss ratio restrained further improvement due to delayed premium revisions, NIACL's continued market leadership and improved solvency underscore our robust position. The balance sheet remains strong with assets under management exceeding Rs 98,000 crore. Provisions amounting to Rs 802 crore for legacy reinsurance balances impacted net profit and ROE, but adjusted results show excellent year-on-year performance." The company reported a net profit of Rs 988 crore in FY25, down by 12.86 percent from Rs 1,129 crore in FY24, primarily due to the legacy provisions. Girija concluded, "In FY26, we will focus on enhancing profitability and launching innovative products targeting retail and MSME segments to sustain growth and value creation for stakeholders." UNI BDN SS
