RIYADH, 15 August 2003 — The New India Assurance Company Ltd., a major insurance firm operating in the Kingdom for the last 21 years, has been underwriting all classes of insurance besides offering a range of tailor-made policies to Indian expatriates.
In fact, this premier Indian insurance company, which can boast of having a network of 1,111 offices with 25,000 employees on its payrolls, is now looking forward to a bigger presence in the local Saudi market once the proposed insurance regulations come into effect.
New India is currently working with insurance brokers, M/s. United International Co. of Saudi Arabia as general agents. In the Middle East, the company has operations in Bahrain, Dubai, Abu Dhabi, Muscat, Kuwait and all the Gulf offices are growing in tune with the economic development of the respective countries, said a statement released on the occasion of the 56th anniversary of India’s independence. New India has been operating locally through three centers including Riyadh, Jeddah and Alkhobar.
The company underwrites all classes of insurance like property, marine, liability and engineering in Saudi Arabia. These include allied perils, burglary, motor, marine cargo, cash in transit, cash in safe, fidelity guarantee, contractors‚ risks, plant and machinery, general liability etc.
New India is also underwriting health insurance for groups. Besides, the company has devised tailor-made policies for Indian expats by providing motor insurance, Shopkeepers‚ Umbrella Policy, Pravasi Suraksha Insurance etc.
Referring to the performance of New India, the statement said that New India has been rated ‘A’(Excellent) by the prestigious M/s A.M. Best Company Ltd. for the third consecutive year.
The rating is based on the company’s superior capital position, strong operating performance in recent years and strong market position. It is the only Indian company to be rated by an international credit rating agency, the A (Excellent) rating, thereby placing it on par with other top international insurers and reinsurers.
— M. Ghazanfar Ali Khan
