Over the past two years, The New India Assurance Co. Ltd. has slowly shifted its focus toward becoming a stronger retail-driven entity. “We believe that true insurance penetration lies in reaching the hinterlands and serving populations that have remained largely uninsured,” Girija Subramanian, Chairman and Managing Director of The New India Assurance Co. Ltd. said during her visit to The Hindu office in Chennai. “And while we’ll grow at the same pace that we are growing on the corporate accounts, we have an internal target to see that we increase retail segment. Our aim is to achieve a balanced 50:50. Currently, the ratio stands at 70:30,” she pointed out. The company intends to achieve this over the next 2-3 years and internal targets have been given keeping this in mind.

“We have established a dedicated MSME vertical to serve micro, small, and medium enterprises—a segment that remains largely underinsured or uninsured. There are approximately 6.3 crore MSMEs in India, of which only about 10–11% are insured. Even within this group, many lack adequate coverage. This highlights a significant protection gap and a substantial opportunity to expand insurance penetration in the sector,” Ms. Subramanian said.

Responding to a query on geopolitical risks arising from the war, she said the company has an international presence, with business largely underwritten within respective regions. In terms of marine shipments from India to these geographies, claims related to cargo continue to be handled as part of normal operations, with no major disruption to business continuity. However, she acknowledged challenges in specific areas such as the Strait of Hormuz, where certain vessels and cargo have faced delays. In these situations, reinsurers have either withdrawn coverage or reintroduced it at significantly higher premiums, which customers have had to absorb.