Page 16 - Insurance Times September 2015 SAMPLE
P. 16
LIC emerged as a market leader in Bahrain, No. 3 in the UAE
Life Insurance Corporation (LIC) - resident Indians, though we do sell to target of $299 million as in June 2015
India's top life the local nationals wherever we are and shall surpass out target in first pre-
insurer has licensed to sell", according to Rajesh mium income by a good margin at the
emerged as Kandwal, CEO & MD, LIC Interna- end of the year.
the market tional, Bahrain.
leader in "The year so far has been quite en-
Bahrain, part "Despite the intense competition, we couraging. In terms of number of poli-
of the Gulf are the market leader in Bahrain. cies, we are growing at the rate of
Brand LIC has a very strong connection over 12 percent and in non-single pre-
Cooperation Council (GCC), despite with the NRIs and quite accepted in mium, the growth rate is over 36 per-
tough competition from close to 60 the region, thereby making NRI seg- cent which is satisfactory", Kandwal
global insurance companies. It has also ment as a 'niche' market for us. There said.
emerged as the third largest player in are around 60 insurance companies
the UAE with a strong presence in cit- operating in the GCC countries", The bancassurance partners play a sig-
ies like Dubai. Kandwal quoted. nificant role in selling to the other na-
tionals, particularly locals. The firm dis-
LIC's Bahrain operations occupy the top LIC has operations in 13 overseas coun- tributes its products through tied chan-
position in the overall international tries, including Fiji, Mauritius, the UK, nels, banks, brokers and corporate
operations of the corporation. As far as Singapore, Nepal, Sri Lanka, Kenya, agents. BBK and SBI (in Bahrain), FGB,
the new business is concerned, it con- Saudi Arabia etc. The major contribut- Emirates NBD, ADCB and RAK Bank
tributes over 80 percent of the total ing factors for high performance are (UAE) and Doha Bank (Qatar) are the
share. India's top life insurer operates attractive products, high trust level of major bancassurance partners. LIC has
in five GCC countries - Bahrain, UAE, the brand and success of also signed an agreement with promi-
Oman, Qatar and Kuwait. bancassurance in the UAE. nent a broker recently. Lastly, Kandwal
said, "In order to deepen
"LIC has 43 percent market share in The firm has been doing very well in bancassurance relationship, cobranded
premium income and 89 percent in terms of new business in this year. Ac- credit card with our bancassurance
policies in Bahrain. The customer base cording to the firm, it has already partner First Gulf Bank (FGB) was
in the countries we are operating in achieved total first premium income launched".
the region mainly comprises of non-
LIC eyes higher market Articles/Feedback Invited
share in policies We invite articles on Life Insurance, General insurance, Risk
Management or any other related topics on insurance for publication
Life Insurance Corporation (LIC) has set in our journal The Insurance Times and Life Insurance Today.
a target to
achieve 85% of You may also send your feedback on the current scenario of Insurance
its market share Industry in form of Letters to Editor Column.
in terms of poli-
cies and 80% in If you come across any important caselaws that we might have
missed or any other news item of importance, please send us by
terms of first premium by the end of mail/post for publication.
the current fiscal. After the dismal
performance in 2014-15, the company We also invite your suggestions and feedbacks for inclusion of new
has started recovering its market topics in the journal which you would like us to cover. You can also
share in the last four months of the fis- post comment on Facebook at https://www.facebook.com/
cal. After a gap of 20 months, the Cor- bimabazaar and www.facebook.com/SashiPublications or on twitter
poration soft-launched its first Ulip at https://twitter.com/bimabazaar
product-New Endowment Plus which
offers investment-cum-insurance cover - Editor
during the term of the policy.
12 The Insurance Times, September 2015
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