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NEW INDIA ASSURANCE CO. LTD, founded by Sir Dorabji Tata in 1919, a Multinational General Insurance Company, today operates in 28 countries spanning 5 continents and headquartered at Mumbai, India. We have been market leaders in India in Non-Life business for more than 43 years. We are the only direct insurer in India rated A-(Excellent) by AM BEST Company since 2007. We have been rated AAA/Stable by CRISIL since 2014, indicating that the Company has the highest degree of Financial Strength to honour its Policyholder's obligations. We have been leading the market in India, apart from premium, in reserves & net worth for many years.

New India's overseas operations have a long tradition, dating back to the inception of the Company itself. In 1920, within one year of the incorporation of the Company, New India opened an office in London in the United Kingdom. Today it operates in 28 countries through direct branches, agency operations, subsidiary companies, Representative office and Associates. In addition, New India has also equity participation in Insurance companies in Singapore, and Kenya. Our London Branch has been in operations for the past 98 years and has a desk at Lloyds. Our operations in many countries like Japan, Mauritius etc are more than 60 years old. New India has a subsidiary company in Trinidad & Tobago at Port of Spain with branches in St. Lucia, Dominica, St.Maarten, Guyana and Anguilla and another in Nigeria viz. Prestige Assurance Plc, based out of Lagos. New India has a Representative Office in Yangon in Myanmar.

Our Global Gross Premium is over Rial Omani 1,456 Million as on 31st March 2018 out of which premium from Indian Operations is RO 1,276 Million and RO 180 Million from foreign operations. About 12.4% of the total premium was sourced from outside India. The Company's net worth as on 31st March 2018 was RO 866 Million and total assets of RO 4,303 Million. The solvency ratio of the Company is 2.58.

We have been the market leader in India in Non-life sector for consecutively for 42 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..


GLOBAL OPERATIONS


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 95 years and has 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, WAFA Insurance (SICCI) in Saudi Arabia, India International Insurance Pte. Ltd., in Singapore and Asian Reinsurance Corporation, Bangkok


OMAN OPERATIONS:


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, Nizwa etc.

New India Assurance, Oman is in the forefront of offering and devising unique insurance products and services. The wide range of insurance covers 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.


In the Oman insurance market 21 general insurance companies are operating out of which 10 are National companies and 11 are Foreign companies. Amongst the 11 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 30 million in year 2014 – 15 and its overall market share is 8.3% and enjoys the 5th position among the insurers of Oman.


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.


Our Vision:

  • To be the most respected, trusted and preferred Non-life Insurer in the Global markets we operate
Our Mission:
  • 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.

Our Values:
  • Highest priority to Customers needs.
  • High standards of Public Conduct.
  • Transparency in operations.

Our Culture:
  • Courtesy and Caring.
  • Initiatives and Innovation.
  • Integrity, Trustworthiness and Reliability.

Our Commitments:
We shall
  • 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.

Standards for Servicing
We shall
  • 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.

It will be the endeavour of this Office to strive to meet the standards of quality of service as prescribed above.