New India Assurance

The New India Assurance Company limited.
Wholly owned by Government of India.
Industry General insurance
Founded 1919 in Mumbai, Maharashtra, India[1]
Headquarters Mumbai, India
Key people
 G.Srinivasan - Chairman Cum Managing Director [2]
Products General Insurance which includes Health
Website www.newindia.co.in
New India Assurance Building, Mumbai, Maharashtra

The New India Assurance Co. Ltd., based in Mumbai, Maharashtra is one of the five Wholly Government of India owned assurance companies of India.[3] It is the "largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations". .[4] It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.

Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became an re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance got autonomy.

New India Assurance operates both in India and foreign countries. In the recent past it has collaborated with some of the leading public sector bank of India like State Bank of India, Central Bank of India, Corporation Bank and United Western Bank to increase its distribution network.

Offices

New India Centre Building, Cooperage Road, Mumbai, Maharashtra

The company with its corporate office in Mumbai has about 31 regional offices, 5 Large Corporate Offices, 412 Divisional Offices, 583 Branches, 27 Direct Agent Branches and 1041 Micro Offices.[5] Centralised claim processing offices called claims hubs are operated from 29 locations.

The company operates in 27 Countries as of 2014-15, with 19 Branch Offices in 9 Countries, 7 Agency Offices in 6 countries, and 3 Subsidiary Companies in 7.[6]

Business Performance

The only direct insurer in India rated A-(Excellent – Positive outlook) by AM Best. "CRISIL has reaffirmed its ' AAA/STABLE ' rating on The New India Assurance Company Limited indicating that the company has the Highest degree of Financial strength to honor its Policyholders obligations".

Gross premium ( in India) of Rs.18371 Cr.in the year 2015-16 as against Rs. 16250 Cr. in the year 2014-15. Assets Rs.62880 Cr. as on 31 March 2016.New India Assurance is the first Indian non-life company to reach Rs. 18000 Cr. global gross premium.


The domestic gross premium procured for the period from April 2013 to March 2014 was Rs.11,540 crore with a growth of 15.00%, when compared to the same corresponding period pertaining to previous financial year and the global gross premium stood at Rs.14,304 crores with a growth of 14.40% over previous year. The company posted PAT (Profit After Tax) of Rs.1089 crores. The company paid a dividend of Rs.220 crores to the Government of India for the fiscal 13-14.Dividend paid to Government of India.

Majority of the gross premium consists of its affiliates reselling NIA's Insurance including Mobile Insurance,[7] Auto Insurance etc. NIA is popular for its business model in Mobile Insurance through it affiliates.

The state owned company's achievements include;

1) Procurement of highest Global Gross Premium of Rs.16,050 crores for the year 2014-2015. Maintaining the 'largest general Insurer in India' tag.

2) Market leadership position for four consecutive decades

3) The ratio of available solvency margin to required solvency margin standing at 250%

4) Highest net profit of Rs.1431 crores

5) Highest net worth of Rs.28,895 crores

6) Highest assets - crossed Rs.61720 crores

7) Only Indian General Insurance Company to have presence in 28 countries

8) Financial Strength rating of A-Excellent (Positive) by A.M Best -Europe.

[8] [9]

IT Solution

The company has teamed up with TCS BaNCS to provide a core insurance platform.[10] The project is known as CWISS or Centralised Web based Insurance System Solution.

For re-insurance, company uses RAMS software. RAMS stands for Re-insurance accounting and management system. This software is also developed by TCS BaNCS.

Awards

New India Assurance was selected as the General Insurance Company of the year in the 6th Fintelekt India Insurance Awards at a ceremony held at Lalit Sahar, at Mumbai on 26 June 2015. "THE BEST GENERAL INSURANCE COMPANY " consecutively for the third time in 6th Dalal Street Investment Journal PSU Award at Delhi.Director & General Manager, Mr. K. Sanath Kumar received the award from Shri. K. D. Tripathi, Secretary, Ministry of Public Enterprises, Government of India on 23 March 2015 along with Mr. Narinder Kumar, DGM, Mr. S. Bharija, CRM & Mr. J. Mehndiratta, CRM. New India Assurance has emerged as India’s Best General insurance Company for MSMEs, from a Nationwide Survey & Analysis of Small & Medium Enterprises, in 2013-14 conducted by India SME Forum. New India Assurance Co Ltd has received three awards at the 4th Indian Insurance Awards organized by Fintelekt at a grand function held at Mumbai on 25 June 2014. 1)Personal Lines Growth Leader 2)Underserved Market Penetration 3)Technology Maturity New India has received the Platinum Award for Excellence in General Insurance at the 36th SKOCH Summit on 21 June 2014 at Delhi NIA has been selected for Prestigious Indira Gandhi RajBhasha Puraskar for outstanding performance in implementation of our Official language.Hindi. J.D Power Asia Pacific part of McGraw Hill Companies has ranked New India Assurance Company Ltd, the highest in satisfying auto insurance customers.[11] The award relates to 2011 India Auto Insurance Customer Satisfaction Index Study wherein out of a 1000-point scale, the company scored 804.[12]

References

http://www.newindianexpress.com/business/news/Fine-Slapped-on-Four-Insurers-for-Cartelisation/2015/07/20/article2930427.ece

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