The largest general insurance company of India, New India Assurance Co. Ltd. or NIACL, is a public sector general insurance company. Previously a subsidiary of the General Insurance Corporation of India, NIACL today stands ahead of many financial institutions in India. moreover, its operations are now extended to many foreign countries. In order to increase its reach and distribution network, NIACL has also collaborated with many leading public sector banks of India and financial institutions with the main aim to provide their products and services to maximum people. Operations in over 28 countries through its 2329 offices, NIACL successfully targets a huge mass of the population.
Initiated in 1919
, NIACL was nationalized in 1973
. Later in 1999
, the Insurance Regulatory and Development Act (IRDA Act)
was passed. NIACL became a primary insurance subsidiary of GIC when GIC became a re-insurance company. Since then NIACL has visioned to be the most respected, trusted and preferred non-life insurer of the world.
Headquartered in Mumbai, Maharashtra, this insurance company is known to provide a wide range of products and services. Products and services are designed placing the highest priority on the customer needs and public conduct. There is transparency in operations that have been improved over time with initiatives and innovations. With the view to provide financial security to individuals and all other segments including trade and commerce, making it a pioneer in various filed;
- Setting up the Aviation Insurance Department.
- Handling of the Hull Insurance requirements of the Indian Shipping Fleet.
- Establishing its own training school.
- Introducing the concept of model office training.
- In setting up satellite insurance.
- Creating a department in engineering insurance.