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The New India Assurance is the largest Non-Life
insurer in Afro-Asia, excluding Japan. Go through this article, to
know more about its profile.
New India Assurance
Founded by the House of Tata Founder member - Sir
Dorab Tata, The New India Assurance Company came into being on July 23,
1919 and is today, ranked as number 1 insurance company in the Indian
market. Consequent to passing of the General Insurance Business
Nationalisation Act in 1972, wherein 21 Foreign and 11 Indian Companies
were amalgamated, The New India Assurance was one of them. It was
nationalized in 1973. The company is credited with a lot of firsts in
its 90 years of service. A pioneer in satellite insurance, it holds a
large number of offices, both in India and abroad.
The New India Assurance Company boasts of having highly skilled
personnel and a total of 1068 fully automated offices, across India.
With a superior capital position, strong operating performance and
strong market position as its base, The New India Assurance has become
the sole company to extend noteworthy operations, in the international
forum. Initiated its overseas operations in 1920, the company has gone a
long way, since then. Presently, the company is functioning in 24
countries such as Japan, U.K, Middle East, Fiji, Australia, and so on,
with a network of 19 branches, 12 agencies, 2 each of associate
companies and subsidiary companies.
The Firsts
- It was the first company to set up an Aviation Insurance
Department, in 1946.
- It was the first company to handle the Hull Insurance
requirements of the Indian Shipping Fleet.
- It was the first company to establish its own Training School.
- It was the first company to introduce the concept of 'Model
Office Training'.
- It was the first company to create department in Engineering
insurance.
- It was the first domestic company to be rated 'A-' (Excellent) by
an International Rating Agency Rating, A.M.Best & Co (Europe).
- It was the first Indian non-life company to cross Rs. 5000 crores
Gross Premium.
Present Position
The New India Assurance Company overseas premium is recorded at Rs.
892.35 crores in the year 2004-05, (more than 80% of total overseas
premium in India). In India, it has 26 Regional Offices, 393 Divisional
Offices, 614 Branches and 34 Direct Agent Branches. In terms of
financial status in India, the gross premium of The New India Assurance
Company stands at Rs. 5017.20 crores ( as per 2006-07), with assets of
Rs. 27444.57 crores (as on 31st March 2007)
Products & Services
Personal
- Pravasi Bharatiya Bima Yojana Policy
- Personal Accident Policy
- Householders Policy
- Motor Policy
- Money Insurance
- Rasta Apatti Kavach (Road Safety Insurance)
- TV/VCR/VCP Insurance
- Mobile/Cellular Phone Insurance
- Other Personal Insurance
Commercial
- Jewellers Block Policy
- Bankers Indemnity Policy
- Shopkeepers Policy
- Marine Cargo Policy
- Plate Glass Insurance
- Special Contigency Policy
- Neon Sign Insurance
- Multi Peril Policy for L.P.G. Dealers
- Fidelity Guarantee Insurance Policy
- Marine Hull Policy
- Aviation Insurance
Industrial
- Fire Policy
- Burglary Policy
- Machinery Breakdown Policy
- Electronics Equipment Policy
- Consequential Loss Policy
- Contractors All Risk Policy
- Marine cum Erection / Storage cum Erection Policy
- Advanced Loss of Profit / Delay in Startup Policy
- Contractor Plant and Machinery Policy
- Mega Package Policies
Liability
- Public Liability Policy
- Products Liability Policy
- Professional Indemnity Policy
- Directors and Officers Liability Policy
- Lift (Third Party) Insurance
- Employers' Liability Policy
- Carrier's Liability Insurance
- Liability Insurance Act Policy
- Golfers Indemnity Insurance
Social
- Universal Health Insurance Scheme
- Jan Arogya Bima Policy
- Raj Rajeshwari Mahila Kalyan Yojana
- Bhagyashree Child Welfare Policy
- Janata Personal Accident Insurance
- Student Safety Insurance
- Ashrya Bima Yojana
- Rural Insurance
Credit
- Business Credit Shield (Domestic Risks)
- Business Credit Shield (Export Risks)
Corporate Office
The New India Assurance Co. Ltd
87, M.G. Road, Fort,
Mumbai - 400 001
India
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