The New India Assurance Company (NIA), a pioneer in the UAE insurance industry, is set to open a reinsurance desk at its Dubai International Financial Centre (DIFC) office to enhance its presence in the segment in the region.
G Srinivasan, chairman and managing director, 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 $250 million.
“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.”
“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,” Srinivasan 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 Srinivasan, adding that globally, it opened its Myanmar office last year.
On the launch of the online motor insurance policy, 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.”
In the UAE and GCC, the NIA offers property insurance, marine cargo and hull insurance, offshore energy insurance, motor insurance, liability, engineering and personal accident and health insurance.