The New India Assurance Company Ltd, Bahrain (NIA) has reported a Profit of US$1.98 Million compared to US$2.50 Million last year. The Underwriting profits posted were 18% of the Net Premium of BD 3.23 Million compared to 27% Profits on BHD 3.00 Million last year for the first six months period.The Reduction was largely due to some large claims and increase in the no of motor claims.
NIA has increased its focus on doing more direct business by increasing its retention of premium. The Gross written premiums increased by 8% to BHD 4.26 Million compared to BHD 3.95 Million. However NIA increased its retained premiums by 27% to BHD 2.60 Mln from 2.04 Million for the same Six Month Period last year.
The Company has entered into few auto tie ups and fleet insurances of new vehicles. Also the opening of its Fourth Branch in Busaiteen in April has helped it gain a foothold in the traditional Busaiteen area, with an impressive footfall in the new branch.
The Claims figures stood increased at BD1.80 Million at 55% of net Premium compared to BD 1.40 Million at 47% of Net Premium for same six month period last year.
The Company maintains Balances & Deposits in various Banks of Bahrain to the tune of BD 16.71 Million and keeps adequate solvency at all times. As an A-Excellent rated company now 13 years in a row, by A.M. BEST ,the Global Rating agency, NIA wants to re-assure its corporate and individual customers of NIA’s Highest degree of Financial strength to honor its Policyholders obligations.
NIA is in its 57th years of Business in Bahrain having started operations in 1959. The company which started operations in Mumbai, 1919 as a TATA Company is on the verge of starting its centenary (100 Year) celebration in more than 2000 offices in 28 countries worldwide.
Chief Operating Officer, Mr. Vineet Kumar said that the worst for Bahrain is over and markets are showing signs of recovery. With the Govt’s thrust on large scale housing and other large infrastructure projects, Bahrain continues to be an exciting market. NIA expects to also continue its focus on also doing nontraditional business like Marine Fish aquaculture, Date Palm Insurance, Medical Malpractices and Credit Insurance apart from the regular lines of general Insurance.
It maintains a very flexible approach in claims settlement and prompt grievance management.
NIA operates through four branches in Manama, Hoora, Sanad and Busaiteen and plans to extend its customer reach in Bahrain by opening its Fifth office in Hamad Town shortly.
NIA extends Independence Day greetings to all its customers, fellow Indians, & Chief Agent, Abdul Rahman Ali al Wazzan for their continued support all these years.