Ramadan Kareem

Ramadan being the month of giving, we in NGI support the campaign “Our Youth Our Responsibility. Our Zakat Our Immunity” organized by The Zakat Fund in cooperation with Abu Dhabi University supported by Central Bank of UAE. This campaign aims at supporting 1000 National and Non-National deserving students who meet Zakat Fund’s criteria with an amount of AED 60,000 for each student per year for higher education.

NGI named “Personal Lines Insurer of the Year”

National General Insurance was named the “Personal Lines Insurer of the Year” at the Insurtek Insurance awards for the efforts and product offering in the UAE region. The achievement was announced in a ceremony organized at The Address Hotel – Dubai Marina on 9th February 2022.

Dr. Abdul Zahra A. Ali said “NGI is a company that strives to reach out to customers, and the insurance industry to ensure that the way it does business is fresh and relevant. This award is another testament to the continued commitment of Team NGI, who have been phenomenal throughout the pandemic, ensuring that the customers were at the heart of everything.

Inauguration of Customer Happiness Center

Inauguration of Customer Happiness Center

General Insurance Co. (PJSC) (NGI) launched the remodeled and refurbished its Customer Happiness Center. This new center aims to achieve complete customer satisfaction by improving the quality and mechanism of services which signifies NGI’s commitment to reach closer to its customers.

The state-of-the-art facility offers insurance solutions and distinct service offerings with global delivery standards. The NGI – Customer Happiness Center also demonstrates proof of concepts using artificial intelligence and machine learning technologies with enhanced customer
experience totally based on international standards.

The all new NGI Customer Happiness Center is designed to play a key role in facilitating collaboration and accelerating customer service enabling stronger customer engagement. This happiness center is designed to provide seamless and convenient experience for its customers from issuing the policy, handling customer queries, and managing claims.

The facility creates an exceptional environment of high quality services with world-class efficiencies to customers visiting this center for transactions related to NGI insurance products and services.

Dr. Abdul Zahra A. Ali, CEO – NGI said “We in NGI are constantly innovating and coming up with unique ways to build stronger connect with customers. With the all new NGI Customer Happiness Center we aim to touch more and more lives by providing state of the art environment with cutting-edge products using the latest technology and best-in-class services!”

أطلقتِ الشّركةُ الوطنيّةُ للتّأميناتِ العامّةِ (ش.م.ع) والمعروفةِ (NGI) مركزهَا المُحدَّثَ لسعادةِ المتعاملينَ. يهدفُ المركزُ الجديدُ لتحقيقِ رضا المتعاملينَ الكاملِ عنْ طريقِ تحسينِ نوعيّةِ وآليّةِ الخدماتِ والّذي يدلُّ على التزامِNGI بالتّقاربِ مَعَ عملائِها.

إنَّ المركزَ المُعدَّ بأحدثِ الوسائلِ يقومُ بتوفيرِ حلولٍ تأمينيّةٍ وخدماتٍ مميزةٍ وفقَ معاييرَ تنفيذٍ عالميّةٍ، و يعملُ المركزُ كذلكَ على إثباتِ الجدوى باستخدامِ تقنيّاتِ الذَّكاءِ الاصطناعيّ وتقنيّاتِ تعلُّمِ الآلةِ مَعَ تجربةِ المتعاملينَ المُطوَّرةِ والمبنيّةِ إجمالاً على معاييرَ دوليةٍ.

إنَّ مركزَ NGI الجديدَ لسعادةِ المتعاملينَ مُصمَّمٌ بأكملِهِ ليلعبَ دورَاً أساسيَّاً في تسهيلِ التعاونِ وتسريعِ خدمةِ المتعاملينَ بشكلٍ اكثرَ تفاعلاً وأقوى منْ قبلُ. إنَّ مركزَ السَّعادةِ مُصمَّمٌ ليُقدّمَ تجربةً سلسةً و مريحةً بدءاً مِنَ استصدارِ وثيقةِ التَّأمينِ وصولاً إلى التَّعاملِ مَعَ الاستفساراتِ وإدارةِ المُطالباتِ.

إنَّ المركَز يخلقُ بيئةً استثنائيَّةً وفقَ كفاءاتٍ ذاتِ مستوىً عالٍ لتُقدّمَ خدماتٍ راقيةٍ للمتعاملينَ الّذينَ يزورونَ المركزَ لإجراءِ معاملاتٍ متعلّقةٍ بمنتجاتِ وخدماتِ NGI .

قالَ الدكتور عبد الزهراء عبدالله التركي الرَّئيسُ التَّنفيذيُّ ل NGI :” نحنُ في NGI نبتكرُ بشكلٍ مستمرّ ونُوجِدُ طُرُقاً فريدةً لتأسيسِ تواصلٍ أقوى مَعَ المتعاملينَ. مَعَ مركزِ NGI لسعادةِ المتعاملينَ الجديدِ كليَّاً نهدفُ إلى التّأثيرِ في حياةِ الكثيرينَ عنْ طريقِ تقديمِ بيئةٍ منْ أحدثِ طرازٍ ومنتجاتٍ مُتطوّرَةٍ باستخدامِ التّقنيّاتِ الأحدثِ والخدماتِ الأرقى!”

CEO Dr. Abdul Zahra A. Ali honored with the Lifetime Achievement Award – Management

CEO Dr. Abdul Zahra A. Ali honored with the Lifetime Achievement Award - Management

It gives us a great privilege to announce that our CEO Dr. Abdul Zahra A. Ali was honored with the LIFETIME ACHIEVEMENT AWARD – MANAGEMENT in the annual Insuretek Awards Ceremony held at the Dusit Thani Hotel last night in Dubai.

The main stay of NGI since 1998 Dr. Abdul Zahra the Insurance & Reinsurance expert being a vital part of the industry for the last 48 years. Having worked in Iraq, Yemen and now in UAE, Dr. Abdul Zahra has seen the evolvement of the sector and played a key role in its development. He evolved NGI and built it as one of the Top 10 Insurance companies in the UAE with his leadership and management skills.

Speaking at the awards ceremony last night, Dr. Abdul Zahra thanked the organizers for the honor bestowed, appreciated & thanked the UAE Government and Dubai Authorities for the vaccination programmes provided to the citizens and residents without which this gathering of the awards ceremony which included profiled executives from the Insurance fraternity wouldn’t have been possible.

Dr. Abdul Zahra also stated “UAE is a vibrant, dynamic, professional and highly competitive market. The growth in the UAE Insurance Sector is because of the maintained regulations and guidelines issued by the UAE Insurance Authority which I am proud off” at the same time he also mentioned “I am expecting to witness more improvements and development in the Insurance sector with the merger of UAE Insurance Authority with the Central Bank”.

We the staff of NGI congratulate our CEO Dr. Abdul Zahra A. Ali on this prestigious occasion of him receiving the honor and wish that NGI will scale to newer heights under his guidance and leadership.

AM Best Affirms Credit Ratings of National General Insurance Co. UAE.

NGI - Certification

Dubai: National General Insurance Co. PJSC announced that AM Best, the credit rating agency has affirmed their Financial Strength Rating of “A-”(Excellent). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect NGI’s strong performance and proven commitment.
The ratings reflect the robust balance sheet and proven commitment of NGI which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The balance sheet strength assessment also reflects NGI’s low-risk and highly liquid asset portfolio, as well as favourable operating cash flow. In addition, the company benefits from solid financial flexibility. The ratings also take into consideration the dependence on reinsurance programs and the history of dividend payments.
NGI has a history of strong and stable operating performance and profitability measures that have increased through 2020. NGI has reported premium growth and strong underwriting profit, a trend that is expected to continue in the near term. The ratings also reflect the organization’s established market presence and overall market share in the UAE Insurance Sector. In addition, the ratings acknowledge NGI’s well-established ERM program with a fully developed risk management framework and committee structure.
“NGI has a long tradition and commitment of building trust with our clients and regulators along with our unwavering dedication said Dr. Abul Zahra A. Ali, Chief Executive Officer (CEO) National General Insurance (NGI) “We are proud to have retained the ‘A-Excellent’ rating and are pleased that AM Best has validated our competent position. added Mr. Abdul Zahra.

Insurance market will likely remain highly profitable

Insurance Market

While there could be some rate increases for motor policies in the second part of the year and for certain reinsurance lines, GWP growth in the UAE insurance market will likely remain relatively flat in 2021, due to economic uncertainty and a decline in the expat population in Dubai and other emirates in 2020-2021, says S&P Global Ratings in a new report.
Mr Emir Mujkic, director – lead analyst, Insurance Ratings at ‎S&P says in the report “GCC Insurers In 2021 – Robust Capital Supports Credit Quality” that the forecast is of a modest decline in net earnings in 2021 as claims return to normal and investment returns remain subdued. “Overall, we anticipate the combined (loss and expense) ratio weakening to about 92% in 2021 from about 90% in 2020,” he said.
Amid weaker economic conditions, GWP growth has been relatively flat. Mr Mujkic said, “We estimate an overall GWP decline of almost 2% in 2020, particularly due to lower premium income from motor and life/savings business..
“Insurers’ operating performance strengthened in 2020, thanks to fewer motor and medical claims.”
Mr Mujkic says that regulatory oversight will likely strengthen, thanks to the merger of the Insurance Authority and the Central Bank, which could lead to stricter enforcement of regulations, increasing pressure on smaller and weaker insurers.

Motor insurance prices expected to continue to fall in 1Q

NGI - Motor Insurance

Motor insurance premium rates are expected to fall further in the first quarter of this year, continuing a decline which started since the onset of the COVID-19 pandemic last year, according to Mr Frank Heimburger, chief personal lines officer at AXA Gulf.
In an interview with Emirates Today, he attributed the price decline in motor insurance rates last year, by as much as 25%, to the reduction in claims, which was in turn due to COVID-19 lockdown measures and the changes they caused in the frequency of driving.

“As for the future, we see the possibility of companies viewing working from home as a sustainable approach, which would lead to a decrease in the need for driving, and thus reduce accidents and claims,” he said.
He added, “If this becomes the case, the premium rate should reflect the new normal, which is still unknown at this stage.”
Increased competition
He said, “It is possible that we will see an additional decrease in car insurance premiums in 2021, as a result of increased competition in the market.” This could arise because insurance companies will seek to enhance their growth and increase their market share.
He added, “The competition is very fierce, especially in the luxury car sector, which makes rewarding good drivers more important.”