Founded by the House of Tata Founder member - Sir Dorab Tata, The New India Assurance Company came into being on July 23, 1919 and is today, ranked as number 1 insurance company in the Indian market. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, wherein 21 Foreign and 11 Indian Companies were amalgamated, The New India Assurance was one of them. It was nationalized in 1973. The company is credited with a lot of firsts in its 90 years of service. A pioneer in satellite insurance, it holds a large number of offices, both in India and abroad.
The New India Assurance Company boasts of having highly skilled personnel and a total of 1068 fully automated offices, across India. With a superior capital position, strong operating performance and strong market position as its base, The New India Assurance has become the sole company to extend noteworthy operations, in the international forum. Initiated its overseas operations in 1920, the company has gone a long way, since then. Presently, the company is functioning in 24 countries such as Japan, U.K, Middle East, Fiji, Australia, and so on, with a network of 19 branches, 12 agencies, 2 each of associate companies and subsidiary companies.
The Firsts
- It was the first company to set up an Aviation Insurance Department, in 1946.
- It was the first company to handle the Hull Insurance requirements of the Indian Shipping Fleet.
- It was the first company to establish its own Training School.
- It was the first company to introduce the concept of 'Model Office Training'.
- It was the first company to create department in Engineering insurance.
- It was the first domestic company to be rated 'A-' (Excellent) by an International Rating Agency Rating, A.M.Best & Co (Europe).
- It was the first Indian non-life company to cross Rs. 5000 crores Gross Premium.
Present Position
The New India Assurance Company overseas premium is recorded at Rs. 892.35 crores in the year 2004-05, (more than 80% of total overseas premium in India). In India, it has 26 Regional Offices, 393 Divisional Offices, 614 Branches and 34 Direct Agent Branches. In terms of financial status in India, the gross premium of The New India Assurance Company stands at Rs. 5017.20 crores ( as per 2006-07), with assets of Rs. 27444.57 crores (as on 31st March 2007)
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