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10	10	* The company has over 250 products and operates in 28 countries.
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13	13	= Company Overview =
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28	28	New India Assurance Co is the co-promoters of Agricultural Insurance Company of India & GIC Housing Finance Ltd. New India Assurance Co has also co promoted a common TPA in the Health Insurance support services jointly, with other Government owned insurers - Health Insurance TPA of India Limited.
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31	31	= Industry Overview =
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33	33	In a COVID-19 pandemic impacted financial year, the IRDAI had taken several measures with a major focus on driving industry wide uniformity in policy wording and coverages of some standard products which will help in increasing penetration of insurance products. Last year, IRDAI had announced the standardization of health insurance product named Arogya Sanjeevani Policy, w.e.f April 1, 2020. This year, IRDAI took further measures aimed at standardizing retail products. Insurers launched a standard cover for home insurance (Bharat Griha Raksha), micro (Sookshma Udyam Suraksha) and small businesses (Laghu Udyam Suraksha) and Standard Personal Saral Accident Insurance from April 1, 2021. Further, IRDAI has also encouraged insurers to launch a standard Vector Borne Disease Health Insurance Policy (Mashak Rakshak) from April 1, 2021. During the COVID-19 outbreak, IRDAI undertook various initiatives and measures aimed at protecting the interests of the Policyholders. Apart from asking insurers to launch standard COVID-specific health insurance products (Corona Kavach and Corona Rakshak), insurers were advised to expeditiously handle health insurance claims especially those pertaining to COVID-19. The timeline for payment of health and motor third party renewal premiums was also extended. Effective August 1, 2020, IRDAI has also withdrawn the long-term motor insurance package policies – 3 year OD + 3 year TP coverage for new cars and 5 year OD + 5 year TP coverage for new two wheelers. The Union Budget FY 2021- 22 proposed to increase the Foreign Direct Investments (FDI) limit in insurance sector from 49% to 74%. Over the medium to long term, this is expected to enable insurers to access foreign capital, which in turn may augment industry growth by increasing penetration.{{footnote}}https://www.newindia.co.in/cms/371bf34d-5e56-4804-aea9-e0a5e2226937/NIA_ANNUAL_REPORT_2020-21.pdf?guest=true{{/footnote}}
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36	36	In FY21, non-life insurers (comprising general insurers, standalone health insurers and specialized insurers) recorded a 5.19% growth in gross direct premiums. Motor insurance accounted for 34.1% of the general insurance premiums written in FY21. Post-Covid rising demand for personal mobility space is leading to a shift in vehicle ownership patterns and may create an opportunity for motor insurers. Health insurance witnessed 13.3% growth in GDPI in FY21, while fire insurance and liability insurance observed 28.1% and 16.4% growth respectively in the same period.
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39	39	= Financial Highlights =
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