New India Assurance Co. Ltd

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New India Assurance Co. Ltd- Overview

The New India Assurance Co. Ltd was incorporated during 1919 by Sir Dorab Tata. It is also the first insurer in the country to be completely owned by an Indian.

Since its inception, the organization has been a groundbreaker in the insurance domain - it has covered the earliest ever domestic carrier of India during 1946 and providing satellite insurance during 1980.

With its diverse range of products and services, New India Assurance is presently one of the leading names in not only the insurance sector in India but also in the Afro-Asian markets.

Following are some crucial information about the organization:

  • 28 regional offices
  • 26 direct agent branches
  • 5 big corporate offices
  • 149 micro offices
  • 400 divisional offices
  • Biggest provider of non life insurance products in Afro-Asian markets other than Japan
  • 588 branches
  • First non life insurer in India to have hit the INR 10073.88 crores mark in gross premium

The following facts highlight the international presence enjoyed by New India Assurance:
  • Started international operations during 1920
  • 7 agencies
  • Operated in 20 countries outside India in 2011-12
  • 1 associate company
  • 9 branches
  • 3 subsidiary companies

New India Assurance has 1085 offices, which are totally computerized, across the country making it the biggest network of its kind in India. A.M. Best & Co from Europe has provided it an A- rating. It has been rated highly for the following aspects of its operations:
  • Capital positioning
  • Market position
  • Operating performance

It is also among the Indian organizations that have built up a substantial base of operations outside the country and have done so for a considerable period of time. Following are some of its major achievements:
  • Earliest company to open an Aviation Insurance Department in 1946
  • First ever organization to have come up with the model office training concept
  • First ever insurer to have dealt with the Hull Insurance necessities of the Indian Shipping Fleet
  • First insurer to have established a department for engineering insurance
  • Earliest company to have set up its own training institution
The products and services of New India Assurance are available through the following channels:
  • Brokers
  • Agents
  • Third Party Administrators
  • Surveyors

New India Assurance Management

The board of directors at New India Assurance is made up of the following officials:

Name Designation
AR Sekar Chairman cum Managing Director (Officiating)
Sundaresan Ganapathi Subramanian Part Time Non Official Director
Arvind Kumar IAS, Government Nominee, Director
Prakash Bakliwal Part Time Non Official Director
MD Mallya Ex-Officio Director

The team of executives of this organization is headed by AR Sekar. The rest of the team may be enumerated as below:

Name Designation
K Sanath Kumar General Manager
Rafi Ahmed Deputy General Manager
RP Samal General Manager
K Surya Rao Deputy General Manager
Sadasiv Mishra General Manager
Mita Bhattacharjee Deputy General Manager
RK Deka General Manager
Anil Kumar Deputy General Manager
S Sethuraman General Manager and FA
Aloke Narain Jha Deputy General Manager
P Nayak General Manager
GC Sharma Deputy General Manager
AR Prabhu Appointed Actuary
CK Gola Deputy General Manager
KV Pathak Deputy General Manager (Chief Vigilance Officer)
Dinesh Waghela Deputy General Manager (Chief Financial Officer)
VC Jain Company Secretary
SS Hira Deputy General Manager
Arun Kumar Chanda Deputy General Manager
Radhakrishnan Girish Deputy General Manager (Chief Risk Officer)
S Segar Deputy General Manager

New India Assurance Financial Highlights

The following table highlights the financial performance of the organization in 2011-12

Domain Earnings in INR crores
Gross premium (in India) 8542.86
Total assets (global) 42162.74
Gross overseas premium 1531.37
Net premium (global) 8771.21
Net profit (global) 179.31
Net worth (global) 7057.61

New India Assurance Products

The products and services of New India Assurance may be mentioned as below:

Personal Insurance

  • Pravasi Bharatiya Bima Yojana Policy
  • Motor Policy
  • Mediclaim 2007 Policy
  • Money Insurance
  • Family Floater Mediclaim Policy
  • Rasta Apatti Kavach (Road Safety Insurance)
  • Janata Mediclaim Policy
  • Suhana Safar Policy
  • Senior Citizen Mediclaim Policy
  • TV/VCR/VCP Insurance
  • Personal Accident Policy
  • Mobile/Cellular Phone Insurance
  • Overseas Mediclaim Policy
  • Other Personal Insurance
  • Householder's Policy
  • Group Mediclaim Policy

Commercial Insurance

  • Jewellers Block Policy
  • Neon Sign Insurance
  • Bankers Indemnity Policy
  • Multi Peril Policy for L.P.G. Dealers
  • Shopkeeper's Policy
  • Fidelity Guarantee Insurance Policy
  • Marine Cargo Policy
  • Marine Hull Policy
  • Plate Glass Insurance
  • Aviation Insurance
  • Special Contingency Policy

Industrial Insurance

  • Fire Policy
  • Contractors All Risk Policy
  • Burglary Policy
  • Marine cum Erection / Storage cum Erection Policy
  • Machinery Breakdown Policy
  • Advanced Loss of Profit / Delay in Startup Policy
  • Electronics Equipment Policy
  • Contractor Plant and Machinery Policy
  • Consequential Loss Policy
  • Mega Package Policies

Liability Insurance

  • Public Liability Policy
  • Employers' Liability Policy
  • Products Liability Policy
  • Carrier's Liability Insurance
  • Professional Indemnity Policy
  • Liability Insurance Act Policy
  • Directors and Officers Liability Policy
  • Golfers Indemnity Insurance
  • Lift (Third Party) Insurance

Social Insurance

  • Universal Health Insurance Scheme for BPL families
  • Janata Personal Accident Insurance
  • Universal Health Insurance Scheme for APL families
  • Student Safety Insurance
  • Jan Arogya Bima Policy
  • Ashrya Bima Yojana
  • Raj Rajeshwari Mahila Kalyan Yojana
  • Rural Insurance
  • Bhagyashree Child Welfare Policy

New India Assurance Office Details

The domestic offices of New India Assurance are at the following locations:

  • Western India: Ahmedabad, Baroda, Mumbai, Pune, Surat
  • Southern India: Bangalore, Chennai, Coimbatore, Ernakulam, Hyderabad, Vishakhapatnam
  • Central India: Bhopal, Jaipur, Kanpur, Nagpur,
  • Eastern India: Bhubaneshwar, Guwahati, Kolkata, Patna,
  • Northern India: Chandigarh, Dehradun, Delhi, Ludhiana,

The international offices of the insurer are located at the following destinations:

  • Europe: UK
  • Asia: UAE, Japan, Kuwait, Bahrain, Saudi Arabia, Hong Kong, Oman, Thailand, Philippines, Malaysia, Singapore
  • South America: Curacao
  • North America: Trinidad and Tobago, Aruba
  • Africa: Sierra Leone, Ghana, Nigeria, Kenya, Mauritius
  • Oceania: Australia, Fiji, New Zealand

New India Assurance News

Senior citizens are now going to find it pretty hard to get health plans from the public sector insurers as these companies are reducing the commissions being paid to agents in case of policies sold to people who are older than 55 years. The reduction is going to be more than 30%.

New India Assurance, along with fellow public sector insurers National Insurance, United India Insurance, and Oriental Insurance, is facing losses and it is expected that the new structure will help address such areas.

In case of people younger than 35 years the agents will be paid the full commission of 15%. If the policy is sold to someone within the 35-55 years age group then the commission will come down to 10%, while if the insured is more than 55 years then the agent will receive 5% commission.

Industry officers are of the opinion that the changed structure will bring down the case of adverse selection as majority of the claimants are older than 55 years. People in this age group have also been buying more health insurance than before.

Insurers feel that even though the older policyholders normally pay almost 200% of the premium paid by the younger ones, they incur a lot of losses for the companies.

The Vice President of General Insurance Agents Association, Sanjay Parekh, has stated that some insurers have already stopped paying commissions for policies that are being sold to senior citizens. This, he says, will create a lapse in the policies.

The association of insurance agents is slated to meet on September 5, 2012 to voice their protest against the decision, which may be delayed in all likelihood.

New India Assurance Contact Details

Following are the contact details of the corporate office of the insurer:

The New India Assurance Co. LTD
87, M.G. Road, Fort,
Mumbai 400 001

Last Updated on 09/06/2012

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