NEW INDIA ASSURANCE
 A Premier Non-Life Insurance Company
By A Correspondent

Established in 1919, by Sir Dorab Tata, New India was the first fully Indian owned insurance company in India. At that time there were nearly 150 insurance firms - including French, British and American insurers in India. These were mostly operating through managing agencies held by large Indian business houses.

New India has been a pioneer among the Indian Companies on numerous fronts, from insuring the first domestic airline in 1946, to satellite insurance in 1980.

With a wide range of policies, and it's corporate belief - “Service - gateway to growth”, New India have become one of the largest Non-life insurer, not only in India, but also in the Afro-Asia region (excluding Japan).

Following the nationalisation of the General Insurance Industry in 1973, a few existing insurers were merged into New India’s fold. In 1973, with a Gross Income of US $11 million, New India was ranked third in the Indian insurance industry.

Over the years, New India has gained a firm foothold in the Indian market. Its’ creativity and aggressiveness can be seen in the innovative products developed for new areas - Information Technology, Banking and Finance, Nuclear Power etc. New India is the leading underwriter for a majority of the large projects in the country, including the national satellite programme.

With its wide distribution network, variety of products, and strong service orientation, New India has emerged as the premier Non-Life Insurance Company in India with a market share of 34%.

From an asset base of US $ 37 million in 1974, the company has touched US $ 1536 million in 1998. The investment portfolio and investment incomes have also grown substantially. The investment portfolio, which was valued at US $ 19 million in 1974, was worth US $ 1249 million in 1998. As a result of sound investment strategies, annual investment income for the corresponding period has grown from US $ 1.5 million to US $ 151 million.

With a paid up capital of US $ 10 million, the reserves (including free reserves) of the company, stood at US $ 777 million in 1998. Today, New India is the market leader in Business Performance Parameters.

New India is a leading international insurance group, with offices and branches throughout India, and various countries abroad. The company services the Indian subcontinent with a network of 1163 offices, comprising 23 Regional Offices, 352 Divisional offices and 788 Branches.

With over 25,000 employees, New India has the largest number of specialists and technically qualified personnel at all levels of management, who are empowered to underwrite and settle claims of high magnitude.

New India’s foreign operations started in 1920, with the establishment of an office in London. Thereafter the company built up an international presence as a direct writing company in 23 countries spanning 5 continents. It has increased its reach and capacity, for reinsurance facilities for all classes of business.

New India has deep roots in the UK underwriting business in Britain since the 1920’s. It is also party to one of the oldest reinsurance treaties in the UK market.

Over the years, New India has strengthened its market presence through participation in Aviation and Marine Hull underwriting. New India extended its UK operations in the early 1980’s when it set up a full-fledged branch to underwrite UK Business with the authorisation of the Department of Trade and Industry.

From a small beginning in 1954, New India is now regarded as an integral part of the Australian market. It underwrites treaty reinsurance business for all major territories in the South pacific including New Zealand.

The New India, which commenced its operations in Japan in 1950, now operates through 8 branches and contributes 35% of the company’s overseas premium income.

New India Hong Kong offers direct facultative services to Hong Kong, Mainland China, Taiwan, and South Korea. This ranch offers a business link to Indonesia, Malaysia, South East Asia and Indo-China.