Dubai: A top government-owned Indian general insurance company will open a reinsurance desk here to enhance both its business prospects and presence in the Gulf region.
New India Assurance Company Ltd (NIA) said it will open the reinsurance desk at its Dubai International Financial Centre (DIFC) office.
Speaking on the sidelines of the launch of the companys online B2C motor insurance policy, Chairman and MD of NIA, G Srinivasan said the opening of the desk will enhance business prospects from GCC and add to the companys global reinsurance business to the tune of $ 250 million.
"GCC is a very important part of NIAs global operations and as a long-term player in the region we continue to build our business in a stable manner," Srinivasan said.
"The setting up of a hub in DIFC is also a testimony to the fact that there is huge potential to grow our business in GCC," he said.
Once fully operational, DIFC hub will work as a regional control hub for NIAs business and will help company enhance its presence in the Gulf Cooperation Council (GCC) and the region, he added.
NIA has presence in all GCC markets, except Qatar, and operates in 27 countries globally.
"We are in advanced stages of setting up in Doha and we will be in business in the next six months," Srinivasan said.
NIA is one of the pioneers of insurance business in the UAE starting its operations in 1961, joining hands with the first national firm of ship agents, Rais Hassan Saadi Group.
It is a wholly government-owned assurance company of and the largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations.
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