The New India Assurance Company
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The New India Assurance Company Ltd commenced its journey on 23 July, 1919 and was founded by the House of Tata Foundation member Sir Dorab Tata. Today, it is proudly securing the number one rank in Indian insurance market. The New India Assurance Company was nationalized in 1973, followed by the General Insurance Business Nationalization Act of 1972 which resulted into the amalgamation of 21 foreign and 11 Indian companies. In its 90 years of service the insurance company has been credited a number of times for its pioneering acts and service provision in various sectors catering to a wide range of clients and customers. It holds a good number of offices in India and abroad as a pioneer in satellite insurance.
The new India Assurance Company does know no bounds to its success which can be credited to its highly efficient, expert and experienced professionals and a total of 1068 fully automated offices across India. Its unmatched capital position, effective operating performance and unquestionable market existence ahs made The New India Assurance Company the sole existence to enhance its excellence and noteworthy operations in the international forum.
Since the year 1920, when the company has first initiated its overseas operations, it has never taken a backward glance and kept on moving upwards. With a network of 19 branches, 12 agencies, 2 associate and subsidiary companies, The New India Assurance Company is presently has robust functioning in 24 countries like Japan, Middle East, Fiji, Australia and so on. It has a wide range of product category namely Personal Products including Personal insurance products, Commercial Products, Industrial products, Liability Products and Social products. Now each category caters to a varied range of insurance needs and requirements and thus is separated in a number of sub-categories according to various policies and contingencies.
The company has seen a remarkable rise in its Gross Premium from Rs 5508.82 crores in 2008-2009 to Gross Premium of Rs 6042.52 crores in the year 2009-2010. The company has acquired total assets of Rs 36832.91 crores as on 31st March, 2010. With its 26 regional offices, 395 divisional offices, 591 branches, 27 direct agent branches and 23 extension counters, the company is ranked as number one in the Indian market. It feels proud to call the company as the largest Non-Life Insurer in Afro-Asia including Japan which is also the first Indian Non-Life insurance company to cross Rs 7000 crores Gross Premium and in providing Global Re-Insurance facilities to a number of overseas countries.