Background

The New India Assurance Company Ltd (New India Assurance) was established by the Tata group in 1919. In 1973, it was nationalised with the merger of other Indian companies. The company provides general insurance in the domains of health, motor, fire, marine etc.

Business Profile

New India Assurance provides insurance against fire losses, for marine hulls & marine cargo, health insurance, workman’s compensation, personal accident cover, aviation insurance, cover against losses of engineering goods and motor insurance. The company has more than 40 products catering to the insurance need of rural and social sector. Some of these include Janasree Vima Yojana - coverage for sheep, Ganna Kamgar Vima Yojana - coverage for sugarcane farmers, Gopal Raksha Package Policy – coverage for milk producers, plantation insurance, Janata Personal Accident Insurance, Amruta Yojane Scheme for women – specifically devised for offering employment to the SC/ST women in rural areas, etc. During FY08, the NPE by the company registered a y-o-y growth of over 6% whereas the claims incurred registered a y-o-y growth of over 14%.