Tuesday, June 3, 2014

New India Assurance Plans To Open Its Regional Hub In Dubai's DIFC

Country's general insurance giant New India Assurance eyes Dubai International Financial Centre (DIFC) as its new hub in Middle East. It is considered as a strategic move of the company to enhance its presence in the region.

Across the GCC (Gulf Cooperation Council), the insurer has five branches - two in the UAE, one office each in Oman, Kuwait and Bahrain.

Mr. G Srinivasan, Chairman-cum-Managing Director of the state-owned insurer, said, “Middle East, particularly GCC, is a significant market for us and our focus will now be to increase our presence in this market and to grow our business by offering our products to a multinational clientele in the region.“

“Our immediate plan includes concentrated growth in retail segment on personal lines of business like health, personal accident and home protection," he added.

New India Assurance's business has grown manifold in the GCC during the company's over 50 years of presence in the market, he said adding, “Company's business in GCC in terms of gross premium was to the tune of over AED 700 million and we are poised to grow more this year."

The company declared 110 % dividend to its shareholders last year.

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