Founded by Sir Dorabji Tata in 1919,New India have been a market leader in India under non-life business for more than 40 years.
New India Assurance Co Ltd, today, is a multinational general insurance company operating in 28 countries and headquartered at Mumbai, India. The company’s global premium crossed Rs.26,554 Cr for the financial year 2017-18 .Premium globally recording a PAT of Rs.2201 Cr with a growth of 15.34 percent.
Our Net worth including fair value was Rs.38,301 Cr,Investment at market value at Rs.64,819 Cr and Asset Base was at Rs.69,140 Cr as at 31.3.2018.
New India Assurance has been rated as A-(Excellent – Positive outlook) by AM Best. “CRISIL” has rated the company with its ‘ AAA/STABLE ‘ rating which indicates that the company has the highest degree of Financial strength to honor its Policyholders obligations”
New India Assurance started its operations in Hong Kong in the year 1952. Since then, the company has been doing all forms of retail General Insurance business such as Motor, Marine, Property and other Miscellaneous class of business. New India Assurance -Hong Kong has been a significant player in facultative reinsurance for regions such as Mainland China,Macau and Malaysia in addition to HKSAR.
New India Assurance has been a leader, in terms of premium, reserves & net worth for more than four decades. The Indian operations, spans across the length and breadth of India with more than 2450 offices, including more than 1000 micro offices. The Company has around 18,000 skilled employees and around 50,000 tied agents providing insurance services to its customers. New India have over 230 insurance products catering to almost all segments of general insurance business. New India have provided cover to Petrochemical, oil & energy industries, power & steel plants, aviation fleets, satellites, large projects & infrastructures, SMEs and are present in all forms of commercial sector. The retail business is offered through commercial & personal lines of business and the company also have a wide range of products under rural, social sector & micro insurance segments. The Company operates through many Distribution channels including bancassurance, motor vehicle manufacturers and dealers, MFI & NGOs, Common Service Centers & through affinity programmes with corporates & brokers. The Company also have significant participation in government run mass insurance schemes.
Other Foreign operations
The Company’s foreign operations started many decades ago and today it operates in 28 countries through its subsidiaries, agency operations, direct branches and associate companies. .The Company’s London Branch has been in operations for the past 98 years.The Company also has a desk at prestigious Llyods. The company operates with a subsidiary company in Trinidad & Tobago, New India Assurance Co Ltd, Port of Spain and another in Nigeria, Prestige Assurance Plc, based out of Lagos. The Company have equity participation in Kenindia Assurance Co Ltd, Nairobi, WAFA Insurance (SICCI) in Saudi Arabia, India International Insurance Pte. Ltd in Singapore and Asian Reinsurance Corporation, Bangkok.