National Life & General Insurance to start Abu Dhabi operation by October
August 12, 2014 | 12:00 AM
S. Venkatachalam. Photo: Supplied

Muscat:  National Life & General Insurance (NLGIC), a leading insurance firm in Oman, said it is planning to start branch operation in Abu Dhabi by October this year.

The insurance firm, which got a licence to operate in Abu Dhabi recently, sees growth potential in the UAE market.

"We definitely want to grow. We want to become a major regional player," S. Venkatachalam, chief executive officer of National Life & General Insurance told Times of Oman.  "We are doing very well in Dubai for the last three years." He said it will offer life and group medical insurance products for Abu Dhabi customers.

The Abu Dhabi branch will cater to the insurance needs of the UAE market and will provide its customers with increased accessibility to the full array of life insurance services offered through National Life.

Medical insurance
"The market potential in the Gulf Cooperartion Council (GCC) region is good," Venkatachalam said, adding; "Abu Dhabi has already introduced compulsory group medical insurance for expatriate employees, while Dubai is introducing in a phased manner now."

National Life & General Insurance, which has branches in Salalah, Sur, Sohar and Nizwa, has performed well in the first half. "Medical insurance in Oman is growing at 25-30 per cent per annum as more employers are offering medical benefits to their employees. It is a major requirement now and the most preferred route is medical insurance."

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