Changing of the guard

Insurance Commissioner Dennis Funa (center) receives the outgoing and incoming presidents of The New India Assurance Co. Ltd. Outgoing president and chief executive Shankar Prasad Sinha (left) has led the Indian government-owned insurance company in the Philippines for the past six years.

Since setting up operations in the country in 1930, New India has been a partner in the development of the local non-life insurance industry. Incoming president and chief executive Abhishek Pagaria (right) during the courtesy visit said New India will comply with the mandated P1.3-billion minimum net worth requirement on all local insurance companies by the end of 2022.