New India Assurance to open regional hub in Dubai
New India Assurance to grow its business by offering products to multinational clientele
Dubai: General insurer New India Assurance plans to open its Middle East hub in Dubai International Financial Centre (DIFC) as part of a strategic move to enhance its footprints in the region. "Middle East, particularly Gulf Cooperation Council (GCC), is a significant market for us and our focus will now be to increase our presence in this market and grow our business by offering our products to a multinational clientele in the region. The company's immediate plan includes concentrated growth in retail segment on personal lines of business like health, personal accident and home protection," said G Srinivasan, Chairman and Managing Director, New India Assurance.
He said the company's business has grown manifold in the GCC during the company's over 50 years of presence in the market, consistently notching up growth above industry average. "In 2013, New India Assurance'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 per cent dividend to its shareholders last year and is confident that with the strong economic trends and boom in sectors like property, construction etc… we are bound to grow further," he said. Across the GCC, The New India Assurance has five branches - two in the UAE, one office each in Oman, Kuwait and Bahrain.