The New India Assurance Co. Ltd.

Corporate Profile

We are the Philippine Branch of The New India Assurance Co. Ltd., with corporate office in Mumbai, India. Our organization was established in the year 1919 and started operations in the Philippines on the 28th of August, 1930.

During the period of our service in the Philippines, we have been a partner in the development of local non-life insurance, being one of the direct foreign insurer and a leading re-insurer for the majority of local large and medium companies.

We are a Non-Life insurance company underwriting both direct and reinsurance risks in the Philippines and the Branch in supported by reinsurance facilities and excess of loss and catastrophic covers by our Head Office Global Cover spread to the branches operating in 26 countries.

We wish to add some more highlights in the operations of this Branch:

• New India, as a multinational company, is the largest general insurance company in India and Afro-Asia (excluding Japan)

• The Government of India is the majority shareholder of New India.

• New India B++ Stable FSR Rating and bbb+ Stable ICR Outlook bt AM BEST Company. We have been rated AAA/Stable by CRISIL since 2014, indicating the the Company has the highest degree of Financial Strength to honor its Policyholder's obligations.

• New India in Philippines operates as a branch headed by Indian National on deputation, who is supported by local and well-experienced officers and staffs

 

History

Incorporated on July 23rd, 1919 Founded by the House of Tata Founder member - Sir Dorab Tata. Nationalised in 1973 with merger of Indian companies.

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Our Head Office

New India is a leading global insurance company, with offices and branches throughout India and various countries abroad. The company services the Indian subcontinent with a network of more than 2200 offices, comprising 28 Regional offices, 473 Divisional offices and 587 branches. With approximately 16000 employees, New India has the largest number of specialist and technically qualified personnel at all levels of management, who are empowered to underwrite and settle claims of high magnitude.

New India has been rated B++ Stable FSR Rating and bbb+ Stable ICR Outlook bt AM BEST Company making it the only Indian insurance company to have been rated by an international rating agency. Rating based on following factors:

• Superior Capital Position

• Strong Operating Performance

• Only Company to develop significant International operations, long record of successful trading outside India

 

International Presence

Overseas operations commenced in 1920. Operations in 26 countries Network of 19 Branches, 12 Agencies, 2 Associate companies and 2 Subsidiary companies.

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Our Strengths

• Largest number of Offices - In India and Abroad 

•  Trained and technically qualified staff.

• "B++" (Stable) 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.

 

Pioneers

• First company to set up an Aviation Insurance Department in 1946.

• First company to handle the Hull Insurance requirements of the Indian Shipping Fleet.

• First company to establish its own Training School.

• First company to introduce the concept of 'Model Office Training'.

• First company to create department in Engineering insurance.

• Pioneer in Satellite insurance.