What is the status of The New India Assurance Co Ltd in Oman?
The New India Assurance Co Ltd is a Govt. of India owned general insurance Company operating in Oman. It is registered in the Sultanate and the operations are approved by the Capital Market Authority (CMA). The Company is operating in the Sultanate of Oman since 1974.
How big is the operations of the company in Oman?
New India is the largest foreign insurance company operating in Sultanate. Including the national companies it is the third largest company in the Sultanate. The operations are carried out through Branches and network of sub-agency offices in various parts of the country. There is network connectivity between the Head office (in Hamriya) and the branches.
What is the main source of premium?
Motor underwriting is the main source of premium income. However during the Renaissance the country witnessed tremendous growth in infrastructure development related activities. Certain data in this regard may be quite appealing. The number of telephone lines increased from one line per thousand population in 1970 to 96 lines per thousand population in 2008. Electrification increased from 1000 connections in 1970 to 597004 connections in 2008. Several road projects, seaports, developmental activities of airports and establishment of major industrial estates also were witnessed during the period. In all these activities insurance was an integral part. Thereby fresh premium was generated in Fire, Engineering, Marine portfolios also.
Is there any insurance covers unique to New India?
There are certain personal line of insurances unique to New India. Policies like COMPAS, Better Health and Family Health are unique policies exclusively marketed by New India.
What is COMPAS?
COMPAS is a very low premium personal accident policy with wider benefits. Now the policy covers are further widened and the new COMPAS policies named COMPAS SILVER, COMPAS GOLD and COMPAS PLATINUM are introduced. Under these covers treatment expenses towards major ailments, litigation expenses related to employment etc are provided as add on covers, besides the basic covers towards accident and pre-mature termination of visa/employment.
What is House-maid policy?
It is nothing but the COMPAS basic policy. This policy provide protection to the low income group, housemaids also come the Sultanate for domestic employment. A special feature of the policy is that among other benefits, the insured person is given free one-way air ticket in case there is pre-mature termination of employment/visa by the sponsor.
What is Better Health Insurance?
It is a health policy issued to groups. This policy is taken largely by big business houses and construction companies, covering their employees. It is a welfare measure on the part of the employer. By taking the policy the workmen/employees are given including cash less treatment facility in net-work hospitals.
What is TPA and cashless facility?
Third Party Administrator (TPA) is an intermediary appointed by the insurance company to service the insured person/s in Health polices, including processing and settlement of claims, issuance of Health I.D cards etc. They are professionally managed team with panel of doctors to medically examine and scrutinize treatment related documents, before the claim in processed and settled.
TPA will enter into a M.O.U. with chain of hospitals to facilitate the medical treatment of persons covered under the health policies. Based on the pre-authorization given by TPA, such network hospitals shall not collect treatment expenses from the person treated in the hospital. Such facility is known as cash less call/facility.
Whether Better health/Family Health Policy holders can avail treatment in abroad?
Yes, it is possible. Many such cases are allowed on reimbursement basis for treatments undertaken in India, having regard to advanced medical technology and comparatively low treatment expenses.
What is Solvency Margin?
For an insurer solvency margin in simple terms means ratio of assets to liabilities. Better ratio denotes the financial strength of the organization.
Dr. K. P. Sebastian
Chief Operating Officer
The New India Assurance Co Ltd
P O Box 2907
Postal Code 112,
Sultanate of Oman