RIYADH, 21 February 2006 — A newly-licensed insurance company has set out a broad vision to serve Saudi and expatriate customers with new products and win a greater share of the Kingdom’s growing insurance market “The vision of the Saudi Indian Insurance Company (SIICO) is to emerge as a leading insurance provider within a short time,” said R. R. Nair, SIICO’s chief executive officer.
Nair said that SIICO was a SR100 million joint stock company currently being established in Saudi Arabia. “The promoters of the company are well-known names such as Fawaz A. Al-Hokair Group and Life Insurance Corporation of India, New India Assurance and LIC (International) B.S.C.(C), Bahrain,” said SIICO’s chief. “We have plans to introduce all insurance products,” he said. Fawaz A. Al-Hokair, president of Al-Hokair Group, widely known for his business acumen and dynamism, is chairman of the board. The company also has a Shariah board composed of prominent Saudi scholars.
Nair pointed out “During 2004-05 alone, 23.9 million policies were issued by LIC, bringing first premium of SR10.5 billion in the conventional business. Born out of amalgamation of 245 insurance companies in 1956, the LIC has grown into a financial conglomerate of international significance operating in several countries through its overseas offices, subsidiaries and associate companies.”
He said that the LIC had emerged as number one in the world in terms of settlement of claims. “During last fiscal year alone, LIC settled over 11.5 million claims for SR20.2 billion,” said the CEO, adding that the corporation has a huge network throughout the length and breadth of India with 2048 fully computerized branches, 100 divisions and 7 zones manned by over 120,000 employees and over one million agents.
Asked about the profile of another partner, New India Assurance Company Ltd., he said that it was established by the House of Tata in Bombay in 1919 and had emerged as a huge company with operations in 24 countries across five continents. New India has been rated “A (Excellent)” by A. M. Best (Europe) for the sixth consecutive year in 2005 for its high solvency, leadership and long and successful record of world-wide operations.