New India Assurance history dates back to 1919, when it was founded by Sir Dorab Tata.
With the World War I ending in 1918, India was looking forward for its self governance as they provided both troops and money to fight for the British during the war.
Instead of keeping their promise, the British Parliament established a double government and at the same time passing the Rowlatt Act that permitted arrests of Indians without a warrant and detention without trial.
The disappointment was big and the Indian community started to grow impatient, as an act of resistance Indians started withdrawing from official and major posts within the government and the public sector.
This was also the point in time where India started entering the industrialization age and big banks and industries were established.
At time there were many insurance companies operating in India but the major ones were all foreign operations. So it was with a patriotic heart that a group of industrialists, lead by sir Dorab Tata established The New India Assurance Co. Ltd in Mumbai in year 1919.
Sir Dorab Tata founded the New India Assurance initially as a composite company that did both Life and General Insurance business but in 1956 New India Assurance became an exclusive General Insurance Company worldwide.
Today, New India’s assets are approximately U.S. $. 5.2 billion and it has over 20,000 employees over 28 countries and a large network of offices both in India and abroad.
New India is one of the largest insurance companies in the world and has the highest market share not only in India but also a leading insurer in the Afro-Asian region.
Thanks to its sound reinsurance program New India Assurance has high capacity for big projects and your valid claim will always be honored, this because:
- New India is rated AAA by CRISIL for financial strength
- New India is rated A- by AM Best for financial strength
- New India has one of the highest cash reserves for an insurer in the world