The New India Assurance Co Ltd, the state-owned general
insurance giant, plans to raise its stake in Prestige
Assurance, its joint venture unit set up with the Nigerian
government, to 65 per cent from 47 per cent.
to Bimalendu Chakrabarti, chairman and managing director,
New India Assurance, the Nigerian government has changed
the solvency norms, and the amount of capital to be invested
has consequently increased. "We are in the process
of infusing additional capital, which will increase our
holding substantially," said Chakrabarti.
India, which is the largest non-life insurance company
in the Afro-Asian region, excluding Japan, sees plenty
of opportunities in the African nation.Soaring oil prices
have significantly improved economic prospects in Nigeria,
where a lot of Indian firms are taking keen interest.
company is also strengthening its overseas operations
in countries like Trinidad, Tobago and in the Middle East.
are eyeing a significant growth in our international operations,"
will consolidate our business in the countries we are
present in, instead of expanding to other destinations,"
India also plans to launch new products in Saudi Arabia,
together with the state-owned Life Insurance Corporation
of India. With the introduction of a detariffied regime
from early next year, the three state-owned non-life insurers
will face stiff competition from the private players in
the domestic markets.
India's gross direct global premium income has gone up
per cent to Rs5,675.55 crore in 2005-06. Its domestic
gross premium income grew by nearly 14 per cent to Rs4,791.5
crore, while overseas gross premium fell marginally by
nearly one per cent to Rs884.05 crore.