New India Assurance celebrates its hundred years of journey (1919-2019)
Exactly a hundred years ago, the prestigious Tata Group under Sir Dorabji Tata set up Insurance Company in Mumbai. It was set up with an authorized capital of Rs 20 crore, the motive was to have an insurance company that carries out all kinds of insurance activities. India was then under the British raj, with lot of restrictions, overcoming all the adversities, Tata group wanted to establish a pure swadeshi Insurance Company which could be a multinational company in next few years. Expressing their strong desire for free India, the company was named as New India Assurance.
Taking it as a challenge, New India Assurance started its first overseas operation, at none other than London in 1920. Later, spread to other territories worldwide. Almost after 54 years of successful journey, as a part of Nationalization policy of Govt of India, the company was taken over by Govt of India in 1973 and from then on the company was owned by Govt of India.
Though, taken over by the Govt of India, New India Assurance maintained its brand image and leadership position over the years.
Today New India Assurance is a multimillion company which operates in all segments of General Insurance such as Property, Marine, Miscellaneous, Accident, Motor, Health etc. It is rated by International Rating agencies like AM Best for its sound financial stability and solvency margins.
On an average over 30 million policies are issued every year. Millions of policy holders seek their protection and future under the guarantee of New India Assurance. Standing erect against all the odds, New India Assurance extends it support to many destitute families whose bread winner would have passed away in some fortuitous accident. Many business entities are protected against various perils, both man made and act of god perils. It has played an immense role in bringing financial stability to the economy of the country, when affected by severe floods or natural calamities.
Sun never sets in New India — New India operates in over 28 countries across the globe, a true multinational company of India. Its Middle East operations started with the laying of its first foundation in Kuwait in 1953. With the patronage and support of the prestigious business house, The Behbehani group, New India Assurance opened its first Agency in Kuwait, which in the later years spread to Bahrain,
Atul Sahai
Sir Dorabji Tata
Muscat, Abu Dhabi and Dubai.
On the eve of completing 100 years of glorious existence and performance, New India Assurance, is growing strong day by day. It has emerged as a brand name in the field of General Insurance, and has been the choicest Insurer of many business houses and retailers across the globe.
This year we have reached the historic milestone in New India’s success journey, completing 100 years of successful operations. To reach 100 years in an era where mere survival is a challenge is a remarkable achievement,” Atul Sahai, CMD, New India Assurance.
With its dedicated manpower and imbibing latest technology, New India Assurance, is all set to lead the General Insurance Industry in the next century also. Though crossed many mile stones, it considers it success only as a journey and not the destination.
We are all set to continue our legacy and leadership, said Mr Ram Mohan Reddy, Chief Operating Officer of its Kuwait Operations. Conveying his good wishes to all the Indians residing in Kuwait, he said, we have a gracious presence in Kuwait for over 65 years, he thanked the leadership of the country and all the esteemed customers and other stake holders for the success, and assured to rededicate to the service and safety of their valued clients, by taking the company to greater heights in the days to come.