New India Assurance Reports ₹1,267 Crore Loss in Q2
· Business · Economic Times
New India Assurance Company reported a net loss of ₹1,267 crore for the September quarter, a sharp decline compared to the ₹63 crore profit recorded in the same period last year. The state-owned insurer cited significant underwriting losses across its property, motor, and health insurance segments as the primary cause of the deficit. Chairman and managing director Lavanya R Mundayur noted that the property segment was particularly impacted by multiple large-risk losses and flood-related claims in Gujarat, north India, and northeast India. Despite the bottom-line losses, the company achieved a 5.14% year-on-year growth in gross written premiums, which reached ₹11,083 crore. The management described the quarter as one of the most challenging periods for the company and the broader insurance industry in recent times.
Why it matters
The significant quarterly loss highlights the vulnerability of major state-owned insurers to climate-related risks and high claims in core segments like motor and property. This performance may influence insurance premium pricing and risk assessment strategies for policyholders in the coming months.
Read the original report — Economic Times
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