THE NEW INDIAASSURANCE CO., LTD., MUMBAI JOINS ASIAN RE AS
AN ASSOCIATE MEMBER
The New India Assurance Co.,Ltd, the leading public-sector insurance company of India, joined Asian Re as an Associate member.
Asian Re is a regional reinsurer, formed by ten governments of Asia under the auspices of the UN-ESCAP. It is in the process of transforming itself as a public-private partnership consequent on an amendment to its constituting agreement in July 2005. This has opened the doors to insurers, reinsures and multi-lateral bodies to join Asian Re as associate members. Asian Re is mobilizing US$ 100 mn capital to expand its development activities and provide the much needed regional reinsurance capacity.
As of now there are 10 member countries and 10 Associate members. Afghanistan, Bangladesh, Bhutan, China, India, Iran, Korea, Philippines, Sri Lanka and Thailand are the member countries with shares of 980 each. The 10 Associate members including New India are; Bimeh Markazi Iran, Mitsui Sumitomo Insurance Co. Ltd, Japan, The Viriyah Insurance Co. Ltd, Thailand, General Insurance Corporation of India, The Oriental Insurance Co. Ltd, New Delhi, United India Insurance Co. Ltd, Chennai, Oman Insurance Company, PSC, Dubai and Sadharan Bima Corporation, Bangladesh, Ceylinco Insurance PLC, Sri Lanka.
Going forward the Corporation is strategizing to evolve as a nodal agency of public-private partnership in the reinsurance sector