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Knowledge Base Health Insurance The New India Assurance Company Profile
Tuesday, 01 February 2011 14:53

The New India Assurance Company Profile

Written by  Yashish Dahiya
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The New India Assurance Co Ltd


Incorporated in 1919, New India Assurance based in Mumbai is India’s largest non life insurer. Founded by Sir Dorab Tata as private insurer, New India Assurance was nationalized in 1973. New India Insurance was part of General Insurance Corporation of India but got its autonomy after IRDA Act, 1999. The global insurance rating agency, A.M Best Company rated New India as “A-“on the basis of –formidable capital position, strong operational performance and significant international presence.

New India Assurance Product Portfolio:
Motor Policy: Motor Insurance protects against third part liability as well as provides comprehensive cover in case the vehicle is damaged or stolen. New India Assurance has motor policy for all vehicles.

Health Policy: Also known as Mediclaim policy, this policy provides heath cover in case you are hospitalized due to some illness.

Householders Policy: New India Assurance householder’s policy is a broad coverage policy which provides cover for house, belongings as well as personal accident and public liability.


Personal Accident Policy: This policy provides lump sum amount on death or disability of the policyholder in case of accident.

Distribution Network:


New India Assurance has very well developed distribution with 26 Regional Offices, 1068 offices, 393 Divisional offices and 648 branches.

Financial Information:
The total premium earned for the half year ended September 30, 2010 was Rs 31,675 million. The profit before tax for the same period is Rs 324 million. A total of 631,260 claims were made during the period out of which 251,849 claims were settled and 3,088 claims were rejected.

Management:
M Ramadoss is the MD of New India Assurance.

A R Sekar is the Financial Advisor of New India Assurance.
A R Prabhu is the Appointed Actuary of New India Assurance.


Achievements:


  • First company to set up an Aviation Insurance Department in 1946. 
  • First company to handle the Hull Insurance requirements of the Indian Shipping Fleet. 
  • First company to establish its own Training School. 
  • First company to introduce the concept of 'Model Office Training'. 
  • First company to create department in Engineering insurance.
  • Pioneer in Satellite insurance.


Reach New India Assurance:


Email: Motor Insurance- This e-mail address is being protected from spambots. You need JavaScript enabled to view it '; document.write( '' ); document.write( addy_text76926 ); document.write( '<\/a>' ); //--> This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Health insurance- This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Help Line: 1800 209 1415 (toll free)

Source:


www.newindia.co.in

 

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