By A Staff Reporter -
MUSCAT — AM Best, the US-based international Credit Ratings Agency, has upgraded the Financial Strength Rating (FSR) of The New India Assurance Company Ltd., the leading general insurer of the Afro-Asian Region. The revised credit rating was published in August, 2012. As per the revised credit rating New India Assurance enjoy the FSR, A-Stable.
Founded in 1899, AM Best Company is the world’s oldest and most authoritative insurance rating and information source. AM Best’s Credit Rating assigned to an insurance company is an independent opinion of an insurer’s financial strength and ability to meet its ongoing major financial obligations. The rating is determined based on comprehensive and qualitative evaluation of a company’s balance sheet strength, operating performance and business profile.
The Credit Rating of New India Assurance Company at “A – Stable” in the current year assumes great significance. Worldwide, the year 2011–12 was not a rewarding year for insurers. Natural calamities of various magnitude and dimensions struck worldwide, bleeding the insurers.
New India Assurance, on account of its global presence, was also hit badly in the last year due to such natural calamities. However, due to its inherent financial strength and scientific investment prudence, the company could absorb the losses without compromising its financial credentials, it said in a statement.
On the business front, the company achieved significant growth during 2011–12. Net premium grossed RO 10,000 crores globally. Thus, New India Assurance retained the premier position among the general insurance companies in Asia and Africa.
The Company has a presence in 23 countries spanning 5 continents and has the largest number of specialist and technically qualified personnel at all levels of management who are empowered to underwrite and settle claims of high magnitude.
The New India Assurance was the first foreign insurance company from India to enter the Sultanate in 1974 and has offices in all Gulf Cooperation Council countries, except Qatar and its operations in all the gulf countries are doing very well and show excellent growth, said K V Francis, Chief Operating Officer for the Oman Operations of ‘New India Assurance’.
New India Assurance is in the forefront of offering unique insurance products and services. The wide range of insurance covers caters to project insurance, fire (property) insurance, personal accident, household insurance, workmen compensation, motor, marine, professional indemnity, public liability
policy, product liability, travel insurance and health insurance. ‘Better Health’, a healthcare insurance programme for corporate clients, is one among several attractive policies in its vast array of products and services. ‘Family Health’ — a medical insurance scheme was recently introduced.