Cyber Liability

In: Other Topics

Submitted By kalyanii01
Words 14892
Pages 60
2013
7/15/2013

ORGANISATIONAL PROFILE
History
New India Assurance India Limited, incorporated on July 23rd 1919 was founded Sir Dorab Tata who was a founding member of The House of Tata’s. I got further nationalized in the year 1973 with merger of Indian companies.
Present Position
New India Assurance India Limited has vast presence all over the country and it is also doing remarkably high business. The company’s gross premium (in India) has increased tremendously over the years 2010-2012. It was Rs. 8542.86 crores in the year 2011-2012, as against Rs. 7097.14 crores in the year 2010-2011. Also, the company’s total assets are as high as Rs. 42162.74 crores as on 31st March 2012.
The company has an extensive network of offices covering each and every state and other regions of India as shown in Figure1.

.
Figure 1.New India Assurance India Limited presence all over the country.
Such large and extensive network makes NIA Rank No. 1 in the Indian market. Not only this, the company is also the largest Non-Life insurer in Afro-Asia excluding Japan. It is infact also the first Indian non-life company to reach Rs. 10073.88 crores Gross Premium.
International Presence
NIA also provides global Re-insurance facilities. It has its over-seas presence in countries like Japan, U.K, Middle East, Fiji and Australia. Overseas operations commenced in 1920. The company has operations in 20 countries in the year 2011-12 which spans through a network of 9 branches, 7 agencies, 1 associate company and 3 subsidiary companies in the year 2011-12. The company received an overseas premium of Rs. 1531.37 crores in the year 2011-12.
Strengths
New India Insurance has many strength and advantage that puts it ahead of others. The company has the largest number of offices in India and abroad. It is also blessed with skilful, trained and…...

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