The New India Assurance Co. Ltd., is a central public sector undertaking under the

ownership Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...

Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Eco ...

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

. It is based in

Mumbai Mumbai (, ; also known as Bombay — the official name until 1995) is the capital city of the Indian state of Maharashtra and the ''de facto'' financial centre of India. According to the United Nations, as of 2018, Mumbai is the second- ...

Maharashtra Maharashtra (; , abbr. MH or Maha) is a states and union territories of India, state in the western India, western peninsular region of India occupying a substantial portion of the Deccan Plateau. Maharashtra is the List of states and union te ...

. "It is the largest nationalised general insurance company of

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

on the basis of gross premium collection inclusive of foreign operations". It was founded by Sir

Dorabji Tata Sir Dorabji Tata (27 August 1859 – 3 June 1932) was an Indian businessman of the British Raj, and a key figure in the history and development of the Tata Group. He was knighted in 1910 for his contributions to industry in British India. ...

in 1919, and was nationalised in 1973. Previously, it was a subsidiary of the

General Insurance Corporation of India General Insurance Corporation of India Limited abbreviated as GIC Re is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. It was incorporated on 22 November 1972 under Companies Act, 1956. GIC ...

(GIC). But when GIC became a

re-insurance Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insu ...

company following the passage of the

IRDA The Infrared Data Association (IrDA) is an industry-driven interest group that was founded in 1994 by around 50 companies. IrDA provides specifications for a complete set of protocols for wireless infrared communications, and the name "IrDA" also ...

Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance,

Oriental Insurance The Oriental Insurance Company Ltd. is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. The headquarters is present in New Delhi. It has 29 regional offices and more than 1500 active branches ...

and

National Insurance National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their famil ...

became autonomous.

Offices

The company, with its registered Head office in

, has about 31 regional offices, 6 Large Corporate Offices, 447 Divisional Offices, 578 Branches, 27 Direct Agent Branches and 1,239 Micro Offices, Elmo Auto hub, 2 centralised legal hubs totaling 2329 offices. The company operates in 28 countries as of 2015-16. The foreign operations details are as follows:

Workforce

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 ₹28,895

crores A crore (; abbreviated cr) denotes ten million (10,000,000 or 107 in scientific notation) and is equal to 100 lakh in the Indian numbering system. It is written as 1,00,00,000 with the local 2,2,3 style of digit group separators (one lakh is e ...

. * Total assets - crossed ₹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 CRISIL (formerly ''Credit Rating Information Services of India Limited'') is an Indian analytical company providing ratings, research, and risk and policy advisory services and is a subsidiary of American company S&P Global. CRISIL, was the f ...

reaffirmed its AAA/STABLE rating, indicating that the company has the highest degree of financial strength.

References

External links

* {{Tata Group General insurance companies of India Financial services companies based in Mumbai Financial services companies established in 1919 Government-owned insurance companies of India Companies nationalised by the Government of India Indian companies established in 1919 Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange