The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is a public sector general insurance company of India.[3] "It is the largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations".[4] It was founded by Sir Dorabji Tata in 1919, and was nationalized in 1973.[5]

Previously, it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became a re-insurance company following the passage of the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance became autonomous.

New India Assurance operates both in India and in foreign countries that include Japan and New Zealand. More recently, it has collaborated with some of the leading public sector banks of India and Financial Institutions to increase its distribution network.

Offices

New India Centre Building, Cooperage Road, Mumbai, Maharashtra

The company, with its registered Head office in Mumbai, has about 31 regional offices, 6 Large Corporate Offices, 447 Divisional Offices, 578 Branches, 27 Direct Agent Branches and 1239 Micro Offices, Elmo Auto hub, 2 centralized legal hubs totaling 2329 offices.

The company operates in 28 countries as of 2015-16. The foreign operations details are as follows:

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Sr No Country Branches
A. Foreign Branches
1 Japan Tokyo
Nagoya
Hiroshima
Okayama
Sapporo
Osaka
2 Hong Kong Hong Kong
3 Philippines Manila
4 Thailand Bangkok
5 Australia Sydney
6 Fiji Suva
Lautoka
Labasa
Nadi
7 Mauritius Port Louis
8 UK London
Ipswich
9 NewZealand Auckland
B. Foreign Agencies
1 Abu Dhabi (UAE) Abu Dubai
2 Dubai (UAE) Dubai
3 Bahrain Bahrain
4 Kuwait Kuwait
5 Oman Muscat
6 Dutch Caribbean Aruba
7 Netherlands Antilles Curaçao
C. Subsidiary Companies
1 Nigeria Lagos
Kano
Port Harcout
2 Trinidad & Tobago Port of Spain
3 St. Lucia Castries
4 Dominica Roseau
5 St. Maarten Philipsburg
6 Guyana Guyana
7 Anguilla Anguilla
8 Sierra Leone Freetown
D. Associates
1 India International Insurance Pvt Ltd, Singapore
E. Representative Office
1 Myanmar, Yangoon
Presence in other Countries
1 Wafa Insurance, Saudi Arabia (Previously SICCI)
2 Kenindia Assurance Company Ltd, Nairobi, Kenya

Workforce

[6]

Employee Strength as on 31 March 2019
Category Of Employees Male Female Total
Class I 5426 2220 7646
Class II 802 34 836
Class III 5576 1869 7445
Class IV (Excluding PTS) 1012 384 1396
Part Time Sweepers 7 0 7
Total 12823 4507 17330

The company's achievements include:

  • Market leadership position for four consecutive decades.
  • The ratio of available solvency margin to required solvency margin standing at 2.3 times(Global).
  • Total net worth of Rs.28,895 crores.
  • Total assets - crossed Rs.61720 crores.
  • Only Indian General Insurance Company to have presence in 28 countries,

Rating

NIA is the only direct insurer in India rated A-(Excellent – Positive outlook) by AM Best. CRISIL reaffirmed its AAA/STABLE rating, indicating that the company has the highest degree of financial strength.[7]

References

  1. ^ "New India Assurance - The New India Assurance India, Profile Of The New India Assurance Company Ltd". Iloveindia.com. 31 March 2007. Retrieved 16 July 2010.
  2. ^ "Atul Sahai appointed CMD of New India Assurance for 5 years". www.moneycontrol.com. 4 December 2018. Retrieved 25 October 2020.
  3. ^ "New India Assurance plans to raise stake in Nigerian JV". domain-b.com. 15 September 2006. Retrieved 16 July 2010.
  4. ^ "The New India Assurance Co. Ltd". Newindia.co.in. Retrieved 16 July 2010.
  5. ^ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
  6. ^ "The New India Assurance (India's Premier Multinational General Insurance Company)". www.newindia.co.in.
  7. ^ "The New India Assurance - Overview". www.newindia.co.in. Retrieved 24 August 2019.

External links