New India Assurance

The New India Assurance Co. Ltd. (NIA) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. Headquartered in Mumbai, 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 in 1919, and was nationalised in 1973.

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

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

Rating
NIA is the only direct insurer in India rated A-(Excellent – Positive outlook) by AM Best. CRISIL reaffirmed its AAA/STABLE rating, indicating that the company has the highest degree of financial strength.