The insurer based in Singapore will be making its way into Malaysia and Vietnam.
The latest insurance news announcement from the insurer based in Singapore called India International, has just been released and has revealed that it has intentions to broaden its operations in order to include Malaysia and Vietnam.
The company is a joint venture of the five insurers owned by the state in India.
The insurance news was announced by the director of India International Insurance (I.I.I.), N. S. R. Chandraprasad. The company was created in 1987 as a regional business unit by a group of insurers in India. Since then, it has seen massive growth and has been covering its policyholders with millions of dollars worth of protection, said the director in a press conference.
The insurance news in the company’s 25 year includes significant expansion in Asian countries.
According to Chandraprasad, who is also the managing director and chairman of National Insurance Company Ltd., “…going forward, our plans are to expand III businesses and product lines.” He went on to say that the I.I.I. joint venture is targeted specifically at the markets in Malaysia and Vietnam, and that these insurance news announcements should be expected over the next few years.
The insurer represented by Chandraprasad is one of five partners that each hold an equal share in the I.I.I. joint venture. It has been paying out an equal dividend to each of its state-owned partners, every year. The other parent companies are: The New India Assurance Co. Ltd., General Insurance Corp. of India, United India Insurance Co. Ltd., and The Oriental Insurance Co. Ltd.
The CEO of General Insurers Public Sector Association of India, M. Parshad, also added to this insurance news by explaining that although the assets of the five parent companies in the joint venture are worth approximately $30 billion, their net worth has reached approximately $4 billion. He added that the operations of these partners – which include a network of 27 total markets worldwide – would provide significant support the expansion of I.I.I. in upcoming years.
The CEO and managing director of I.I.I., Ish Kumar, made his insurance news statement, saying that the company has a massive presence in Singapore, and that “We are rated as seventh largest insurance company in Singapore and have grown our premium to SGD 200 million this year from SGD 45 million at the start of business year in 1988.”