New India Assurance


The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is a public sector general insurance company of India. "It is the largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations". It was founded by Sir Dorabji Tata in 1919, and was nationalized in 1973.
Previously, it was a subsidiary of the General Insurance Corporation of India. But when GIC became a re-insurance company following the passage of the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance became autonomous.
New India Assurance operates both in India and in foreign countries that include Japan and New Zealand. More recently, it has collaborated with some of the leading public sector banks of India and Financial Institutions to increase its distribution network.

Offices

The company, with its registered Head office in Mumbai, has about 31 regional offices, 6 Large Corporate Offices, 447 Divisional Offices, 578 Branches, 27 Direct Agent Branches and 1239 Micro Offices, Elmo Auto hub, 2 centralized legal hubs totaling 2329 offices.
The company operates in 28 countries as of 2015-16. The foreign operations details are as follows:

Workforce

Category Of EmployeesMaleFemaleTotal
Class I542622207646
Class II80234836
Class III557618697445
Class IV 10123841396
Part Time Sweepers707
Total12823450717330

The company's achievements include:
NIA is the only direct insurer in India rated A- by AM Best. CRISIL reaffirmed its AAA/STABLE rating, indicating that the company has the highest degree of financial strength.