New India Assurance to launch Title Insurance covers for builders
The New India Assurance Company Ltd (NIAC) to launch its new product of Title Insurance covers for the benefit of builders and developers. The company has decided to come up with such a product, in view of Central Real Estate Regulation and Development Act (RERA) making it mandatory for builders/developers to buy title insurance covers for their projects, NIAC Chairman and Managing Director G Srinivasan told reporters here.
Stating that this insurance cover will protect those insured from losses arising from various risks, which affected the title and interest in property, he said the company will also assist legally, in case the title was found to be defective. On other new products, Srinivasan said the company is working to revamp and simplify the health insurance cover for the benefit of the common man.
On the performance side, the official said that the company has posted a growth of 20 per cent in Indian premium for the nine months ending December 31 to reach Rs 16,800 crore against Rs 14,000 crore for the same period last year. The company is expecting momentum of high growth to continue for quite some time aided by growing non-life industry growth due to increasing insurance penetration, Srinivasan said.