New India Assurance

New India Assurance

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New India Assurance

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Description:
New India Assurance is currently the largest General Insurance Company in India based in Mumbai. It is one of the five Public Sector insurance companies in India.

It was founded by Dorab Tata in 1919.It was nationalized in 1973.

Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But as GIC became an reinsurance company as per IRDA Act 1999, all of its four primary insurance subsidiaries (New India Assurance, United India Insurance, Oriental Insurance and National Insurance) got autonomy.

New India Assurance has been operating both in India and foreign countries. In the recent past it has succeeded in forging tie-ups with some of the leading public sector banks in India such as State Bank of India, Central Bank of India, Corporation Bank and United Western Bank to increase its distribution network.

Premium Earned

Recently for the year 2010-2011 the company's global gross premium stood at more than Rs.8600.00 crores thereby retaining its leadership in the market for last 30 years in India . As per IRDA figures for the year 2010-2011 the company's gross premium underwritten in India alone stood at Rs.7070.22 crores first among all the general insurance companies operating in India.

Foreign Operations

In respect of the number of offices abroad and the...
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