MR ATUL SAHAI
Chairman Cum Managing Director
THE NEW INDIA ASSURANCE CO LTD
THE NEW INDIA ASSURANCE COMPANY LIMITED
The New India is a public sector General Insurance Company owned by Government of India and presently operating in India and 28 countries spanning 5 continents. It was established in the year 1919 and having its head quarters at Mumbai, India. “The New India Assurance” was started on 23rd July, 1919 by a Great Visionary and Businessman, Sir Dorab J Tata. On 23rd July, 2018 we entered into our 10 decades of Glorious Global Operations. We have been the market leader in India in Non-life sector for consecutively for 45 years. We are the only direct Non-life insurer in India having A- Excellent (stable outlook) by A.M. Best & Co. CRISIL has reaffirmed its AAA Stable rating on NIA which reflects the strong capital base, stable profitability, highest degree of financial strength to honour its policy holders’ obligations.
Our Global Gross Premium is over Rial Omani 1,557 Million as on 31st March 2019. The Company’s net worth including fair value as on 31st March 2019 was RO 2,112 Million and total assets of RO 3,837 Million. The solvency ratio of the Company is 2.13 times.
We have Largest number of Offices In India and Abroad Trained and technically qualified staff 2221 fully computerised offices across India. “A-” (Excellent) rating by A.M.Best & Co (Europe) First domestic company to be rated by an International Rating Agency Rating based upon following factors: Superior capital position Strong operating performance Strong market position Only company to develop significant International operations, long record of successful trading outside India.
We are the Pioneers in:
- Started Multinational Operations in 1920 by starting a branch at London.
- First company to set up an Aviation Insurance as early as 1920.
- First company to handle the Hull Insurance requirements of the Indian Shipping Fleet.
- First company to establish its own Training College.
- First company to introduce the concept of ‘Model Office Training’.
- First company to create department in Engineering insurance.
- Pioneer in Satellite insurance.
The Company’s foreign operations have commenced decades back as early as 1920 and today it operates in 28 countries through Subsidiaries, Agency operations, Direct branches and Associate companies. We operate in all GCC Countries. In addition, New India has also equity participation in Insurance companies in Singapore, Kenya, Saudi Arabia & Jordan. London Branch has been in operations for past 99 years and we have a desk at Lloyds. The operations in many countries like Japan, Australia, Mauritius etc are more than 50 years old. We have a subsidiary company in Trinidad & Tobago, Port of Spain and another in Nigeria, Prestige Assurance Plc, Lagos. We have equity participation in Kenindia Assurance Co Ltd, Nairobi, India International Insurance Pte. Ltd., in Singapore and Asian Reinsurance Corporation, Bangkok
The deep rooted and centuries old relationship between the Sultanate of Oman and India is historical and “New India” is proud and privileged to be an integral part of this nation’s economic and social development since 1974. New India Assurance was the first foreign insurance company from India to enter the Sultanate in 1974 and has offices in almost all part of Sultanate of Oman including Muscat, Seeb, Sohar, Sur, Salalah, Al Khuwair, Barka, Mabela, Bahla etc.
New India Assurance, Oman is in the forefront of offering and devising unique insurance products and services. The wide range of insurance policies caters to Project insurance, Fire (Property) insurance, Personal Accident, Household insurance, Workmen Compensation, Motor, Marine, Professional Indemnity, Public Liability policy, Product Liability, Travel insurance and Health insurance. ‘Better Health’, a healthcare insurance programme for corporate clients, is one among several attractive policies in its vast array of products and services. ‘Family Health’ – a medical insurance scheme was introduced, adding portability facility to our existing customers by which our customers can continue with health insurance schemes back in India, upon their return.
DR. KP SEBASTIAN
Chief Operating Officer
In the Oman insurance market 20 general insurance companies are operating out of which 10 are National companies and 10 are Foreign companies. Amongst the 10 foreign general insurance companies operating in the Oman market, New India is the distinct leader with 34% market share which clearly shows the credibility, stability and service edge of New India Assurance’s operation in the Sultanate of Oman. The New India Assurance Oman had done a gross premium of RO 26 million and its overall market share is 6% and enjoys the 7th position among the insurers of Oman in gross premium basis and 4th position in net premium. During the last financial year we have underwritten 85,602 numbers of policies and settled 32,724 numbers of claims thereby disbursing an amount of RO 12,558,105/- in this country.
The company has been aggressively expanding its network in Oman. New India Assurance Oman has a dedicated team of personnel to meet all requirements of our customers. In fact, New India Oman is a true blend of Omanis and Indians working together in harmony and cooperation. At New India, well trained Omani personnel play a crucial role in nurturing the insurance needs of its clients, and ensure maximum satisfaction. New India also wishes to make the most of it by providing excellent services with professionalism, technical expertise and personal touch. We had started a training centre at our Head Office for providing insurance training to our staff, agents and intermediaries. We have also have a grievance redressal body at Head Office which addresses the complaints if any on a time bound basis and it also takes all steps to mitigate the grievances.
The New India Assurance Company Limited, Oman operations has received the glorious reward by winning the Best Non-Life Insurer Oman – 2013 award from World Finance, a UK based agency for rating finance and insurance sector establishments.
M/s. Abdul Aziz & Brothers LLC is the business partner of The New India Assurance in the Sultanate of Oman. Mr. Majid Abdul Rahim Jaffer, is the Chairman of Abdul Aziz & Brothers LLC and Majid Group Companies.
We have been the market leader in India in Non-life sector for consecutively for 43 years. We are only direct insurer in India having A- Excellent (stable outlook) by A.M. Best & Co. CRISIL has reaffirmed its AAA Stable rating on NIA which reflects the strong capital base, stable profitability, highest degree of financial strength to honour its policy holders’ obligations.
- To be the most respected, trusted and preferred Non-life Insurer in the Global markets we operate
- To develop General Insurance Business in the best interest of the community.
- To provide Financial Security to Individuals, Trade, Commerce and all other segments of the Society by offering Insurance Products and Services of High Quality at affordable Cost.
- Highest priority to Customers needs.
- High standards of Public Conduct.
- Transparency in operations.
- Act courteously, fairly and reasonably in all our dealings with the customers.
- Make sure all our policy documents and claim procedures are clear and complete information is given about our products and services.
- Deal quickly and sympathetically with the grievances of the customer and resolve efficiently through nominated customer service officers in all operating offices. We will educate the client about grievance redressal mechanism including the system of grievance redressal through relevant authorities/Ombudsman.
- Respond to all commercially viable General Insurance requirements of all categories including products for weaker section of the society at affordable price.
Continue to develop a dedicated, sensitized and professional workforce for efficient execution of roles assigned to them.
- Have a regular monitoring and consultative process with all our service providers and set up monitoring mechanism for delivery of promised services to our customers.
- Courtesy and Caring.
- Initiatives and Innovation.
- Integrity, Trustworthiness and Reliability.
- Enable the customers with opportunities to provide the organization with feedback on services availed by them and suggest improvement through customer meets, surveys.
- Enhance customer satisfaction through adoption of latest technologies in the area of servicing processing and review of systems and methods.
- Review the standards of services offered annually with a view to improve the benchmarks.