New India Assurance Co Ltd, today, is a 100 % Govt owned multinational general insurance company operating in 22 countries and headquartered at Mumbai, India. Our global business crossed Rs 12,500 Cr (Rs 125 billion) . Founded by Sir Dorabji Tata in 1919, we have been market leaders in India in non-life business for more than 40 years. Our Indian business touched Rs 10,000 crores (Rs 100 billion) in 2012-13. We are the only direct insurer in India rated A-(Excellent – Stable outlook) by AM Best.
We have been leading the market, apart from premium, in reserves & net worth for many years. In 2012-13, we also have recorded the highest profit in India among all general insurers. Our Indian operations, today span across all territories through 1600 offices, including more than 600 micro offices. We have 19,000 employees and around 50,000 tied agents providing insurance services to our customers. We have over 160 products catering to almost all segments of general insurance business. We 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. Our retail business is offered through commercial & personal lines of business and we also have range of products in rural, social sector & micro insurance segments. We operate through many B2B avenues including bancassurance, motor vehicle manufacturers and dealers, MFI & NGOs, Common Service Centers & through affinity programmes with corporates & brokers. We also have significant participation in government run mass insurance schemes.
New India Assurance is on a robust core insurance platform, with a central data base and have an integrated grievance management system synchronized with that of the regulator. Our Customer Care department is positioned at all Regional offices. We offer multiple options for the customers to renew the policies and have put in place SMS & E Mail alerts and information at various trigger points. Our Indian operations have earned many awards & recognitions in 12- 13 and it continues in current year as well.
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 92 years and has a desk at Lloyds and operations in many countries like Japan, Mauritius etc are more than 50 years old. We have 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. We 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.
Other promoted companies
We are the co promoters of Agriculture Insurance Company of India & GIC Housing Finance Ltd. We are also in the process of setting up a common TPA in the Health insurance support services segment jointly, with other Government owned insurers.