The New India Assurance Co. Ltd. (NIACL) 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 nationalized 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.
History The New India Assurance Company Limited was established on July 23, 1919, by Sir Dorabji Tata in Mumbai. Following the passage of the General Insurance Business (Nationalisation) Act in 1972, the company was officially nationalized by the Government of India in 1973.The company initiated its global expansion by opening an international branch office in London, United Kingdom.
The enterprise served as a co-promoter in founding public entities including the Agriculture Insurance Company of India and GIC Housing Finance.
The Insurance Regulatory and Development Authority of India (IRDAI) designated New India Assurance as a Domestic Systemically Important Insurer.
Workforce
+Employee Strength as on 31 March 2025Category Of EmployeesMaleFemaleTotalClass I4,6442,4777,121Class II1165121Class III2,2857323,017Class IV (Excluding PTS)504186690Part Time Sweepers202Total7,5513,40010,951 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 over 24 countries .
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