New India Assurance opens Bahrain branch
Manama, March 11, 2014
The New India Assurance Company has opened its new branch office in Sanad and expects to three more launches over the next few years.
Wholly-owned by the government of India, New India Assurance is active in 22 countries and wrote global premium of about $2.1 billion last year. It has been present in Bahrain since 1959.
The branch was inaugurated by Central Bank of Bahrain director for insurance supervision Fouad Wahid Abdulla in the presence of Indian Embassy second secretary Pramod Sharma.
It is located on the ground floor of Al Makatab Furniture Showroom next to Motor City Showroom off Al Estiqlal Highway.
The company's chairman and managing director G Srinivasan, who was present at the opening, told the Gulf Daily News, our sister publication, that the Bahrain operations had been growing at a rate of nine per cent every year for the last few years and he expected the growth to continue.
"We wrote BD6.5 million ($17 million) gross premium last year and are the market leader among foreign insurance firms in the kingdom," he added.
According to him, the company is actively looking to get closer to its widening customer base and would open another three branches in strategic locations around the country.
"The driving force for New India's success in Bahrain have been our business partners, chief agent Intercol led by Abdulrahman Ali Alwazzan and J A Zayani and Sons sub-agency led by Jasim Al Zayani," Bahrain operations chief operating officer Vineet Kumar said.
"Our new branch will cater to customers based in Riffa, Sanad, Isa Town and adjoining areas."
The company which issued the first-of-its-kind marine fish aquaculture insurance cover in the kingdom, would continue to look at untapped and under-addressed markets and segments, stated Srinivasan.
The company also launched its new website at the event.-TradeArabia News Service