New India
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| Public Sector Undertaking | |
| Traded as | BSE: 540769 NSE: NIACL |
| Industry | Financial services |
| Founded | 23 July 1919[1] |
| Headquarters | Mumbai, Maharashtra, India |
Area served | India |
Key people | Atul Sahai[2] (CMD) |
| Products | |
| Owner | Government of India |
Number of employees | 17615 |
| Website | www |
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[edit]
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:
| 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[edit]
| 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[edit]
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]
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