New India Assurance Company Limited (NIACL) is a 100% Government owned multinational general insurance company operating in 22 countries and headquartered at Mumbai, India. Founded by Sir Dorabji Tata in 1919, NIACL have been market leaders in India in non-life business for more than 40 years. It is the largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations.
The Indian business touched Rs 10,000 crores (Rs 100 billion) in 2012-13 and NIACL is the only direct insurer in India rated A-(Excellent – Stable outlook) by AM Best.
The Chairman and Managing Director of NIACL is Mr.G.Srinivasan.
New India Assurance operates both in India and foreign countries. In the recent past it has collaborated with some of the leading public sector banks of India such as State Bank of India, Central Bank of India, Corporation Bank and United Western Bank to increase its distribution network.
The Company’s foreign operations have commenced decades back and today it operates in 22 countries through subsidiaries, agency operations, direct branches and associate companies. In addition, New India has also equity participation in Insurance companies in Singapore, Kenya, Saudi Arabia & Jordan. London Branch has been in operations for past 95 years and has a desk at Lloyds and operations in many countries like Japan, Mauritius etc are more than 50 years old.
The company has teamed up with TCS BaNCS to provide a core insurance platform. The project is known as CWISS or Centralized Web based Insurance System Solution.
The products of NIACL
- Personal Insurance
- Commercial Insurance
- Industrial Insurance
- Liability Insurance
- Social Insurance
1) Procurement of highest Global Gross Premium of Rs.14,304 crores for the year 2013-2014. Maintaining the ‘Largest General Insurer in India‘ tag.
2) Market leadership position for four consecutive decades
3) The ratio of available solvency margin to required solvency margin standing at 250%
4) Highest net profit of Rs.1089 crores
5) Highest net worth of Rs.8,621 crores
6) Highest assets – crossed Rs.53,000 crores
7) Only Indian General Insurance Company to have presence in 22 countries
8) Financial Strength rating of A-Excellent (Stable) by A.M Best -Europe.
Source NIACL Official Website and Wiki