Annual Rep. 2008-09.pmd - The New India Assurance Co. Ltd.

efo v³et Fefv[³ee SM³eesjvme kebÀ. efue.The New India Assurance Co. Ltd.Directors’ ReportIX.Estbd. 1919CLAIMS SETTLEMENT AND AGEWISE ANALYSISThe company had taken target of 90% claims settlement in respect of Non-suit Claims. The actual ratioin respect of Non-suit Claims in 2008-09 is 89.43%.However the overall claims settlement ratio including suit claims (comprising mainly of Motor TPClaims) is 73.21% in 2008-09.Number of Claims Outstanding as on 01.04.2008 367980Number of Claims Intimated during 2008-09 1028343Number of Claims Settled during 2008-09 1022193Number of Claims Outstanding as on 31.03.2009 374130Age-wise classifications of outstanding claims as on 31.03.2009 is given hereunder :Claims Outstanding for less than three months 75884Claims Outstanding for more than three months but less than one year 68299Claims Outstanding for more than one year 229947Total 374130Out of a total 374130 pending claims as on 31st March 2009, 264141 claims are Motor TP claims whichare pending at various MACTs across the country.X. RURAL INSURANCE, SOCIAL SECTOR INSURANCE AND SPECIAL SCHEMESThe Company has more than 40 products catering to the insurance need of rural and social sector. Ithas always remained pioneer in designing new products and developing business in the sector. Thepeople in the rural area are adopting new practices in the farming and the Company is suitably devisingits products to meet the requirement of the farmers and the financers. Following are the majorschemes: Ganna Kamgar Vima Yojana : Gopal Raksha Package Policy : Plantation Insurance : Special Insurance Schemes for high yielding Cattle : Insurance of Drip Irrigation – Multi Peril Drip Irrigation Utility Policy : Emu Insurance : Jeevankranthi Scheme :Social Security Covers for weaker sections of the society :Janata Personal Accident InsuranceJanata Personal Accident Policy for Kisan Credit Card HoldersInsurance of Fishermen in OrissaJeevanraksha Nidhi18