New India seeks to expand in NZ
04 Jul 2017
G. Srinivasan, chairman of New India Assurance, said that the insurer would expand its writings in New Zealand. He said New India is keen to explore new avenues for business.
New India established in NZ 12 years ago, is keen to explore new avenues for business. "There is ample potential in this country,” he said.
Venkat Raman, the chief of the largest non-life insurance company of India has pledged that his company will widen its market exposure in New Zealand to tap the immense potential that the county offers to companies and individuals.
Later, answering questions, Mr Srinivasan agreed that the New Zealand Company has kept a low profile since it commenced operations in May 2005 and that there was a need to create greater awareness of insurance and insurance products among New Zealanders, especially those of Indian origin.
When the NZ company was established then Chairman and Managing director Rajendra Beri, was quoted as saying that the company would initially compete in the motor and property insurance market, although other services including fire and general accident would also be offered.
“While our activities as a re-insurer began 53 years ago in Sydney and 51 years ago in Fiji (as at June 2005), it has taken us a while to enter the New Zealand market, which, although small, offers rich potential for growth,” he told Indian Newslink.
“Although Indian in origin, our target would be the wider New Zealand market through brokers and direct services to companies and individuals,” Mr Beri had said.
New India is wholly owned by the Government of India, with an A- (Excellent) rating by AM Best.