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