National Life posts record premium
National Life & General Insurance Company has achieved a record gross written premium of OMR101.20 million for 2016.
MUSCAT: National Life & General Insurance Company has achieved a record gross written premium (GWP) of OMR101.20 million for financial year 2016, making it the largest composite insurer in the country.
“We are pleased to report this important milestone along with solid growth and profitability through the year 2016.The faith reposed in us by our customers has enabled us to achieve this significant milestone and is reflected in the quantum of our gross written premium. Despite a challeng- ing economic environment in the year 2016, National Life’s stellar performance proves that our strategy of providing value to customers is yielding the desired result,” said S Venkatachalam, chief executive officer, National Life & General Insurance.
“With this important milestone, National Life has once again established its distinctive role and presence in the marketplace and we’re cautiously optimistic about our outlook for the year 2017. With commitment and the engagement of our teams, focused approach towards customers, strong quality products, wide distribution network and best-in-class service quality, we have been consistently delivering these strong results year on year,” he added.
National Life offers a broad array of life and general insurance products to individuals, associations and businesses of all sizes. These products are tailor-made to suit the customer.
“Apart from the expansive product range what differentiates us in the industry is our unmatched high service standards, which ensures ease and convenience for customers,” said Venkatachalam.
National Life has the largest network of sales touch points in across Oman which helps it to serve customer across Oman. Over the years, the company has acquired expertise in insurance servicing. It also offers special and attractive motor rates for high-end vehicle catering to its high networth individual’s customer base. In order to ensure instant and hassle free claims settlement process, National Life Company has a dedicated hub for claim related query or assistance. The company has five hubs across Oman - Muscat, Sur, Salalah, Nizwa and Sohar.
National life has also simplified it on-boarding and buying procedures for its products with minimum documentation required. This ensures a quick policy issuance for customers.
“We are looking forward to achieving company’s objectives and performing according to the strategic plans that have been set forth for ensuring sustainable growth. We will continue to focus our efforts on providing superior quality products offering relevant to customer needs at affordable and competitive premium and quality service, introduction of technology based modern innovative distribution channels, best in class customer service, a hassle free on-boarding and claims settlement process,” noted Venkatachalam.
Today, a stable financial rating of Good (B++) financial strength rating from A M Best Co, and strong tie-ups with the world’s leading reinsurers, NLGIC is the market leader in Oman.