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24 April 2024

Indian insurance firms strengthens UAE presence

G. Srinivasan, Chairman and MD of New India Assurance (Supplied)

By Staff

The New India Assurance Company Ltd. (NIA) 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, G. Srinivasan, Chairman and MD of NIA, said 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 $250 million.

Outside India, NIA has a reinsurance desk at Lloyds, London for the last 25 years which contribute over $110 million annually to the company’s reinsurance business.

“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,” 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 $2.7 billion (Dh9.90 billion) compared to the previous year’s $2.4 bllion (Dh8.80 billion), a growth of 14 per cent.

Srinivasan said in GCC, its business in terms of gross premium was to the tune of $200 million (Dh734 million, with the UAE and Oman contributing a major share, compared to the previous year’s $178 million (Dh660 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 Dh200 million and in the UAE it was Dh284 million, he said.

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.St