As a large number of Indians and Indian businesses are in South-east Asia, West Asia and Africa, so the public sector general insurers are mulling over an idea of expanding their operations to other countries in the next financial year.
Mainly, the four general insurers- New India Assurance, United India Insurance, Oriental Insurance and National Insurance are mulling on setting up more international centres.
Chairman and Managing Director of Oriental Insurance, Mr. A K Saxena said that the company is already operating in Kuwait, Dubai and Nepal. He also said that Oriental Insurance is the only company to have operations in Qatar. He added, "We will identify profitable markets and expand operations". Oriental Insurance to hold stake in proposed reinsurance firm in Nepal.
New India Assurance is looking to expand in Canada, Qatar and Myanmar whereas United India Assurance is mulling to expand at South East Asia and Middle East. Chairman and Managing Director Milind Kharat of UIA said, "We have plans to expand abroad. We will expand into areas where business opportunities are available. Areas like Sri Lanka, for example, would be a good choice for expansion, as there are several Indian businesses based there."