The New India Assurance Co. Ltd.
About The Company
It is a leading global insurance group, wholly owned by the Government of India. The company like the other GIC subsidiaries is a leading insurance group, with offices and branches throughout India and various countries abroad. Incorporated on July 23rd, 1919 founded by the House of Tata Founder member – Sir Dorab Tata. The company was nationalized in 1973. The company ranked No. 1 in the Indian market. It has over-seas presence in countries like Japan, U.K, Middle East, Fiji and Australia & also offers Global Re-insurance facilities.
Company Facts (source : The New India Assurance Co. Ltd.)
- Gross Premium (in India) of Rs. 8542.86 crores in the year 2011-2012, as against Rs. 7097.14 crores in the year 2010-2011.
- Assets Rs. 42162.74 crores as on 31st March 2012.
- Network of Offices-28 Regional Offices, 5 Large Corporate Offices, 400 Divisional Offices, 588 Branches, 26 Direct Agent Branches and 149 Micro Offices.
- Largest Non-Life insurer in Afro-Asia excluding Japan.
- First Indian non-life company to reach Rs. 10073.88 crores Gross Premium.
Product Range
The Company Product Range can be broadly classified into –
- Personal Insurance
- Commercial Insurance
- Industrial Insurance
- Liability Insurance
- Social Insurance
The different products under these categories are:
1. Personal Insurance – is meant to be taken by individuals for their personal health, hospitalization expenses (individual, senior citizens, family), motor insurance, loss of money in transit, loss or damage to TV/VCR/VCP, mobile phones.
- Pravasi Bharatiya Bima Yojana Policy
- Mediclaim 2007 Policy
- Family Floater Mediclaim Policy
- Janata Mediclaim Policy
- Senior Citizen Mediclaim Policy
- Personal Accident Policy
- Overseas Mediclaim Policy
- Householder’s Policy
- Motor Policy
- Money Insurance
- Rasta Apatti Kavach (Road Safety Insurance)
- Suhana Safar Policy
- TV/VCR/VCP Insurance
- Mobile/Cellular Phone Insurance
- Other Personal Insurance
- Group Mediclaim Policy
New India was the first company to set up an Aviation Insurance Department in 1946 and to handle the Hull Insurance requirements of the Indian Shipping Fleet.
- Jewellers Block Policy
- Bankers Indemnity Policy
- Shopkeeper’s 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
- 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
- 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
- Universal Health Insurance Scheme for BPL families
- Universal Health Insurance Scheme for APL families
- 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
India’s Insurance Nationalization – Formation of LIC and GIC
The Government of India issued an Ordinance on 19th January, 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The Life Insurance Corporation (LIC) absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. In 1972 with the General Insurance Business (Nationalization) Act was passed by the Indian Parliament, and consequently, General Insurance business was nationalized with effect from 1st January, 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd.
Other Government General Insurance Companies
General Insurance in India too has seen increasing competition with the liberalization in the 90s. The growing Indian market has attracted all the top insurance companies worldwide. Almost 12 private general insurance companies in India have commenced operations providing tough competition to the government owned general insurers.
- United India Insurance Company – General Insurance operations of southern region of Life Insurance Corporation of India were merged with United India Insurance Company Limited in 1972. United India has been designing and implementing complex covers to large customers, as in cases of ONGC Ltd , GMR- Hyderabad International Airport Ltd, Mumbai International Airport Ltd Tirumala-Tirupati Devasthanam etc.
- The Oriental Insurance Company Ltd– The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. In 2003 all shares of our company held by the General Insurance Corporation of India has been transferred to Central Government. The Gross Premium went up to Rs.58 crores in 1973 and grew to Rs. 4078 crores in 2009
- National Insurance– Consequent to passing of the General Insurance Business Nationalisation Act in 1972, National became a subsidiary of General Insurance Corporation of India . It is the second largest non life insurer in India having a large market presence in Northern and Eastern India. The products cater to the diverse insurance requirements of its 14 million policyholders.
