The New India Assurance Co. Ltd. (''NIACL'') is an Indian

public sector The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, pu ...

insurance company owned by the

Government of India The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union t ...

and administered by the

Ministry of Finance A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position . A ministry of finance's portfoli ...

. Headquartered in

Mumbai Mumbai ( ; ), also known as Bombay ( ; its official name until 1995), is the capital city of the Indian state of Maharashtra. Mumbai is the financial capital and the most populous city proper of India with an estimated population of 12 ...

, it is the largest nationalised general insurance company of India based on gross premium collection inclusive of foreign operations. It was founded by Sir

Dorabji Tata Sir Dorabji Tata (27 August 1859 – 3 June 1932) was an Indian industrialist and philanthropist of the British Raj, and a key figure in the history and development of the Tata Group. He was knighted in 1910 for his contributions to indu ...

in 1919, and was nationalized in 1973. Previously, it was a subsidiary of the

General Insurance Corporation of India General Insurance Corporation, (abbreviated as GIC), is an Indian Public Sector Undertakings in India, public sector Reinsurance, reinsurance company, headquarters in Mumbai, India. It was incorporated on 22 November 1972 under Companies Act, ...

(GIC). But when GIC became a

re-insurance Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insu ...

company following the passage of the

IRDA IrDA is a wireless standard designed for exchanging data using infrared (IR). Infrared ports for this purpose have been implemented in portable electronic devices such as mobile telephones, laptops, cameras, printers, and medical devices. The mai ...

Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance,

Oriental Insurance The Oriental Insurance Company Ltd. (''OICL'') is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in New Delhi, the company has 29 regional offices and more t ...

and

National Insurance National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their famil ...

became autonomous. New India Centre hrushi3030

Workforce

The company's achievements include: * Market leadership position for four consecutive decades. * The ratio of available solvency margin to required solvency margin standing at 2.3 times(Global). * Total net worth of ₹28,895

crore Crore (; abbreviated cr) denotes the quantity ten million (107) and is equal to 100 lakh in the Indian numbering system. In many international contexts, the decimal quantity is formatted as 10,000,000, but when used in the context of the India ...

s. * Total assets - crossed ₹61720 crores. * Only Indian General Insurance Company to have presence in 28 countries.

References

External links

* {{Tata Group General insurance companies of India Financial services companies based in Mumbai Financial services companies established in 1919 Government-owned insurance companies of India Companies nationalised by the Government of India Indian companies established in 1919 Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange