SNIC posts growth in Bahrain operations
Manama, April 14, 2011
Saudi National Insurance Company (SNIC) saw its net profit drop to $2.25 million from $10.24 million in 2009.
The fall was due to SNIC ceasing to write business in Saudi Arabia during the second quarter of 2010 and transferring of the Saudi portfolio to its associate company Wataniya Insurance Company in which SNIC and its shareholders are the major stakeholders.
The gross written premiums dropped $83.58 million to $62.77 million for the same reason. But at its Bahrain operation, gross written premiums reflected an extraordinary growth of $29.07 million for 2010 in comparison to $6.61 million in 2009 due to SNIC's continuous commitment to its clients and guaranteeing an eminent focus on client service.
In 2011, SNIC will be having a host of innovative products in the pipeline that will be launched throughout the year and will begin with the enhanced motor insurance policy that offers great features for motorists in Bahrain.
The introduction of GAP, which is an optional cover for car owners to protect themselves against losses that can arise when the amount of compensation received from a total loss does not fully cover the amount the insured owes in the vehicle's financing, will also be introduced.
SNIC has also plans on implementing a robust new IT solution for insurance products with a world-class vendor.
The system will be dynamic and fully integrated to better help SNIC manage the full lifecycle of all general insurance functions and services.
SNIC was awarded BBB stable outlook by Standard & Poors in November and this was reaffirmed on February 24 which will give an added support to the ongoing growth targets, particularly within the financial and industrial segments, as it clearly demonstrates SNIC's solidity and stability.
With the firm support and reassurance of Central Bank of Bahrain to the insurance sector and upcoming development projects in the kingdom, SNIC believes that 2011 holds great potential in the Bahraini market.-TradeArabia News Service