· NIA Chairman launches online B2C motor insurance policy
· Posts 12 per cent overall business growth in 2015 with at USD 200 million premium in the GCC
· Global premia at USD 2.7 billion compared to USD 2.4 billion in the previous fiscal
Dubai: The New India Assurance Company Ltd. (NIA), one of the pioneers in the UAE insurance industry said it will open a reinsurance desk at its Dubai International Financial Centre (DIFC) office to enhance its presence in the segment in the region.
Speaking on the sidelines of the launch of the company's online B2C motor insurance policy, the Chairman and MD of NIA, G. Srinivasan said that the opening a reinsurance desk in Dubai will enhance the business prospects from GCC, adding to the company's global reinsurance business to the tune of USD250 million.
Outside India, NIA has a reinsurance desk at Lloyds, London for the last 25 years which contribute over USD 110 million annually to the company's reinsurance business. In the current fiscal, NIA
"GCC is a very important part of NIA's global operations and as a long-term player in the region we continue to build our business in a stable manner. The setting up of a hub in DIFC is also a testimony to the fact that there is huge potential to growour businessin GCC," Mr. Srinivasan said.
"Once fully operational, DIFC hub will work as a regional control hub for NIAs business with delegated decision making and will eventually support the company's vision to enhance presence in the GCC and the region," he said.
NIA which has presence in all GCC markets, except Qatar as of now, operates in 27 countries globally through their branches and agencies and has three subsidiary companies and four associate companies.
"We are in advanced stages of setting up in Doha and we will be in business in the next six months," said Mr. Srinivasan, adding that globally, it opened its Myanmar office last year.
Globally, the NIA business in the current fiscal is at USD 2.7 billion (AED9.90 billion) compared to the previous year's USD 2.4 bllion (AED 8.80 billion), a growth of 14 per cent.
Mr. Srinivasan said in GCC, its business in terms of gross premium was to the tune of USD 200 million (AED 734 million, with the UAE and Oman contributing a major share, compared to the previous year's USD178 million (AED 660 million), representing a growth of 12 per cent. In 2015, the NIA business in Dubai alone in terms of gross premium was to the tune of AED 200 million and in the UAE it was AED 284 million, he said.
On the launch of the online motor insurance policy, Mr. Srinivasan said it was done in line with NIA's focus to offer easily accessible services on a digital platform so that customers can easily access it. "The online insurance policy is exclusively targeted at UAE customers and by going digital, we are also in line with Dubai's Government's Smart governance thrust," Mr. Srinivasan said.
NIA is one of the pioneers of insurance business in the UAE starting its operations in 1961, joining hands with the first national firm of ship agents, Rais Hassan Saadi Group. Across the GCC, The New India Assurance has five branches - two in the UAE, one office each in Oman, Kuwait and Bahrain.
In the UAE and GCC, The New India Assurance offers property insurance, marine cargo and hull insurance, offshore energy insurance, motor insurance, liability, engineering and personal accident and health insurance. The New India Assurance is also one of the few insurance companies which offers livestock insurance in the UAE.
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© Press Release 2016
