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The New India Assurance Company Ltd, Bahrain (NIA) has reported a profit of US$ 1.98 million, compared with US$ 2.50 million last year. Underwriting profit was 18% of net premium of BD 3.23 million, compared with 27% on BD 3.00 million for the same six months last year. The reduction was largely due to some large claims and more motor claims.
NIA has increased its focus on direct business and on retaining more premium. Gross written premium rose 8% to BD 4.26 million from BD 3.95 million, while retained premium rose 27% to BD 2.60 million from BD 2.04 million.
The company has entered into auto tie-ups and fleet insurance of new vehicles, and the opening of its fourth branch in Busaiteen in April has given it a foothold there with an impressive footfall.
Claims stood at BD 1.80 million, 55% of net premium, compared with BD 1.40 million (47%) for the same period last year. The company maintains balances and deposits of BD 16.71 million with banks in Bahrain and keeps adequate solvency at all times. Rated A- (Excellent) by A.M. Best for 13 years in a row, NIA assures its customers of the financial strength to honour its policyholder obligations.
NIA is in its 57th year of business in Bahrain, having started operations in 1959. The company, which started in Mumbai in 1919 as a Tata company, is about to begin its centenary celebrations in more than 2,000 offices in 28 countries.
Chief Operating Officer Mr. Vineet Kumar said the worst for Bahrain is over and markets are showing signs of recovery; with the Government's thrust on large-scale housing and infrastructure projects, Bahrain remains an exciting market. NIA will also continue its focus on non-traditional business such as marine fish aquaculture, date palm insurance, medical malpractice and credit insurance, alongside the regular lines of general insurance.
NIA operates through four branches in Manama, Hoora, Sanad and Busaiteen.
About our Bahrain operations
The long and rich history of friendship that the Kingdom of Bahrain and the Republic of India share is founded on trust and a robust trade and business partnership since the time of the Dilmun and Indus Valley civilizations. Read more