New India Assurance Company Limited

New India Assurance Co. Ltd (NIACL), a completely Govt Owned general insurance company is founded by Sir Dorabji Tata in the year 1919. It is headquartered in Mumbai, India and running its non-life insurance business in 28 countries worldwide. NIACL is the market leader in non-life business in India. As far as India operations are concerned, it has crossed Rs 13000 crores (gross premium) in FY’15. In India, the company has a wide network with 5 Corporate Offices, 28 Regional Offices, 583 Branches, 412 Divisional Offices, and 1041 Micro Offices. New India Assurance Co. Ltd has 19,000 employees and around 50,000 agents delivering customized insurance services to the customers. The company is catering to several industry segments such as Petrochemical, power & steel plants, satellites, oil & energy industries, aviation, and SMEs.

NIACL is provided with ‘A-’ (Excellent – Stable outlook) rating by AM Best. CRISIL also mentions ‘AAA/STABLE’ rating to the New India Assurance Co. Ltd. It is the leader in the non-life insurance sector in the Indian market. It is also the largest non-Life insurer in the Afro-Asia region (excluding Japan). The Company commenced its foreign operations in 1920 and presently, it has spread business operations in 28 countries through its associate companies, subsidiaries, agency operations, and direct branches. Its global business has touched Rs.16000 crores in terms of gross premium. The latest Incurred Claims Ratio (ICR) of New India Assurance Company for FY 2018-19 is 95.39%.