100th Anniversary of New India Assurance

Reception

1 October 2019

REMARKS

High Commissioner Tanmaya Lal

A very good evening everyone.

I thank the team from New India Assurance for inviting me here this evening. I also thank Mr. Mishra from the Financial Services Commission and Mr. Dey for their remarks. They provide a useful context to this evening’s interaction.

As has been said New India Assurance has completed 100 years of its existence this year and the company has been active in Mauritius since 1935.

100 years is a very long time in the life of a business entity. None of us was around then! It is a very major milestone because it means that the business entity has been able to consistently provide value to its customers in a fast changing world.

It means that it has been able to adapt to all the changes and transformations in the business environment that have taken place during the past century.

I understand that the New India Assurance was registered as a company in Mauritius almost 100 years ago and its operations started a decade later.

Both India and Mauritius were colonies at that time, struggling for gaining independence. There were very few independent sovereign nations in the 1940s. By late 60s this had changed completely and we had more than 150 independent nations.

Both our countries since then have seen their lives transformed. We became independent countries, overcame the challenges to our economies; built up our own capacities in various sectors; and today Mauritius has reached the level of an upper middle income economy. India is now counted among the fastest growing large economies of the world.

The world itself has changed perhaps beyond recognition. The economic gravity is now fast shifting to the East, to economies like China and India. Technology has transformed, first the manufacturing sector and then the services sector. Now with big data and artificial intelligence, businesses are being transformed yet again.

There is unprecedented integration and interdependence of economies through investment and trade. In fact the world has also gone through cycles of trade wars.

The global insurance sector itself continues to witness many changes and challenges, some arising from increasing extreme weather conditions, some related to cyber security or big data and data management. The global and domestic economic environments are also prone to instability.

Therefore, it is even more remarkable for any business entity to not only survive such large scale transformations but to continue to thrive.

It is a matter of pride for us that the company is an Indian Public Sector Undertaking and has carried the Indian flag, in a sense, in Mauritius and in nearly 30 other countries.

New Indian Assurance is one among 10 Indian PSUs that are active in Mauritius. You are familiar with the others also, such as the LIC or State Bank or Bank of Baroda or Indian Oil, MTML, TCIL, etc. These cover banking, insurance, telecom, fuel retail, construction and other sectors.

There is considerable engagement between our two countries in the financial sector. There is considerable potential to increase our business linkages through trade and investment, especially considering the advantages that Mauritius offers as a gateway to Africa.

We are also proud of our partnership with Mauritius in its development journey. Day after tomorrow our leaders will jointly launch the much anticipated Metro Express and the New ENT Hospital through video conference. The Metro will mark a major transformation in the mobility sector in Mauritius and we are happy that the Indian consultant and contractor RITES and L&T have delivered the first phase of this project absolutely in record time. These projects also mark another major chapter in India-Mauritius partnership.

To conclude, may I again congratulate the New India Assurance on reaching this remarkable milestone in their operations and wish them continued success in working with their clients in India, in Mauritius and worldwide.

Thank you.

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