Oman: National Life and General Insurance expands to Kuwait
Source: Middle East Insurance Review | Dec 2017
Leading Omani insurer National Life and General Insurance (NLGIC) said it has received approval from Kuwaiti authorities to start branch operations in Kuwait. It is the company’s second venture outside the Sultanate after the UAE.
“Kuwait is a potential market, and we look forward to providing our expertise and best business practices to the people of Kuwait also and replicate our growth story,” said Mr S Venkatachalam, CEO of NLGIC.
The insurer, which recently launched an IPO to raise US$54 million, offers various products in life, general and corporate insurance and is the market leader in medical insurance in Oman.
The company currently has more than 190 sales and service touch-points across Oman and the UAE.
The insurer is also looking to strengthen its foothold in the UAE’s insurance market. It announced that an agreement has been reached on the acquisition of Inayah TPA, a UAE-based third-party medical claims administrator.
Mr Venkatachalam said: “NLGIC has already established its presence in the UAE’s life and health insurance market. The acquisition of Inayah TPA is a strategic investment which will benefit the company in manifold ways in the long term. Having our own claims processing capability will provide NLGIC with direct access to a wide network of hospitals to render better customer service and improve profitability by having more control on claims cost and claims management cost.
“This acquisition is a strategic fit to our overall objective to maximise shareholder wealth.” M