Manama: New India Assurance Company Bahrain (NIA) has reported a profit of $2.52 million for the first six months of this year versus $1.09m for the same
period last year.

In a statement, the company said underwriting profits were 27 per cent of net premium of BD3m as against 16pc on BD2.1m in the corresponding period.

NIA has increased its focus on doing more direct business by increasing its retention
of premium.

Gross written premiums increased by 9pc to BD3.96m, compared with BD3.62m.

Retained premiums increased by 60pc to BD2.04m from BD1.27m last year.

Claims stood at BD1.40m at 47pc of net premium versus BD1.05m at 50pc of net premium for the period last year. 

The company said it
maintains balances and deposits to the tune of BD16.2m in various banks of Bahrain and keeps adequate solvency at all times.

Chief operating officer Vineet Kumar said the worst for Bahrain was over and markets were showing signs of recovery.

“With the government thrust on large scale housing and other large projects, Bahrain continues to be an exciting market.

“NIA also expects to continue its focus on doing non-traditional lines like marine aquaculture, date palm cultivation insurance, medical malpractice and credit insurance in addition to general insurance,” Mr Kumar added.

NIA is in its 56th year of business in Bahrain, having started operations in 1959.

It operates through three branches in Manama, Hoora and Sanad and plans to extend its reach by opening its fourth branch in Busaiteen shortly.