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Last updated: 19 Sep 2025, 01:30 PM
New India Assurance: India's Largest General Insurer for Comprehensive Protection
The New India Assurance Company Limited (NIACL), established in 1919 by Sir Dorabji Tata and nationalized in 1973, is a leading public sector general insurance provider wholly owned by the Government of India. Headquartered in Mumbai and administered by the Ministry of Finance, it is the largest non-life insurer in India by gross premium, with a significant global footprint in over 25 countries.
In-Depth Details
Key Highlights
- Products Offered: Diverse portfolio of 50+ plans, including health (e.g., Mediclaim for hospitalization and critical illness), motor (e.g., comprehensive vehicle covers with zero-depreciation), travel (e.g., overseas mediclaim), home, fire, marine, crop/agriculture (e.g., cattle, poultry, horticulture), personal accident, engineering, liability, and government schemes—offering cashless facilities, AYUSH coverage, and customizable add-ons for individuals, corporates, and rural needs.
- Reach & Scale: 1,600+ offices across India, subsidiaries in Nigeria, Trinidad & Tobago, and Sierra Leone; operates in 25+ countries; serves millions of customers with a network of tied agents and bancassurance partners; Assets Under Management: ₹1,00,802 crore (Q1 FY26).
- Performance Metrics: Gross Written Premium: ₹43,618 crore (FY 2024-25, up 3.86% YoY); Net Profit: ₹988 crore (FY 2024-25); Solvency Ratio: 1.91x (Mar 2025); Incurred Claim Ratio: ~119% (improving); Market Share: 12.57% (FY25), rising to 15.51% (Q1 FY26).
- Achievements: Retained Domestic Systemically Important Insurer (D-SII) status by IRDAI for FY 2024-25; 'Stars of the Industry for Excellence & Leadership in BFSI' (FY 2022-23); CRISIL AAA/Stable rating for financial strength; A-(Excellent) from AM Best; recognized for operational excellence and high GWP growth despite challenges.
