23 July 2014 :: The New India Assurance Co. Ltd is celebrating its 96th Foundation day. The New India Assurance Co. Ltd., based in Mumbai, is one of the five Wholly Government of India owned assurance companies of India. It is the “largest general insurance company of India on the basis of gross premium collection inclusive of foreign operations”. It was founded by Sir Dorabji Tata in 1919, and was nationalised in 1973.
Previously it was a subsidiary of the General Insurance Corporation of India (GIC). But when GIC became an re-insurance company as per the IRDA Act 1999, its four primary insurance subsidiaries New India Assurance, United India Insurance, Oriental Insurance and National Insurance got autonomy.
New India Assurance operates both in India and foreign countries. In the recent past it has collaborated with some of the leading public sector banks of India such as State Bank of India, Central Bank of India, Corporation Bank and United Western Bank to increase its distribution network