Key aspects of New India Assurance include being the largest nationalized general insurance company in India based on gross premium collection, including its foreign operations. The company has a widespread network of over 2395 offices in India and operates in 25 other countries through branches, agencies, subsidiaries, and associates. Its London branch has been operating for over a century and has a desk at Lloyd’s. New India Assurance offers a wide array of insurance products across various categories, such as Motor Insurance, Health Insurance (including mediclaim policies for individuals, families, senior citizens, critical illnesses, and specific needs), Travel Insurance (covering overseas travelers for business and leisure, as well as specific plans for employment and studies abroad), Rural Insurance (including policies for livestock, agriculture, and personal accidents in rural areas), Fire Insurance, Marine Insurance, Liability Insurance, Engineering Insurance, Aviation Insurance, Personal Accident Insurance, Home Insurance, and Business and SME Insurance (including policies like fire, burglary, and money insurance). CRISIL has rated New India Assurance with AAA/Stable rating, indicating the highest level of financial strength, and AM Best Company has also rated it with A- (Excellent – Stable Outlook), making it the only direct Indian insurer with this rating. The company has been a market leader in the non-life insurance segment in India for over four decades and has a significant presence in the international market, receiving numerous awards for its performance and services in the insurance sector.
Latest News on New India Assurance
NIACL Apprentice Recruitment 2025: Registration starts for 500 vacancies, check details.
The New India Assurance Company Limited (NIACL) has commenced its online application process for recruiting 500 apprentices. Interested candidates can apply on the official website, newindia.co.in, until June 20, 2025. To be eligible, candidates must have a bachelor’s degree in any field from a recognized university or hold equivalent qualifications, and must have graduated on or after April 1, 2021. The age limit for applicants is between 21 and 30 years old as of June 1, 2025.
The selection process will be based on an online written examination, which is tentatively scheduled to take place on July 26, 2025. Those who clear the exam and subsequent rounds will undergo a structured apprenticeship training program in the insurance sector, earning a stipend of Rs 9,000 per month. The apprentices will be assigned to various offices of the company under the territory of a particular state, based on the company’s needs and availability of seats.
To apply, candidates must visit the official website and register using a valid email ID and mobile number. They must then fill out the application form, upload required documents, and pay the application fee. The application fees vary based on category, with general and OBC candidates paying Rs 944, women candidates paying Rs 708, SC/ST candidates paying Rs 708, and PwBD candidates paying Rs 472.
The vacancy details are as follows: SC (61), ST (30), OBC (110), EWS (39), and General (260), totaling 500 positions. Candidates are advised to carefully read the official notice and follow the steps to apply. The online application process is now open, and candidates are encouraged to apply before the deadline. The apprenticeship program offers a valuable opportunity for candidates to gain experience and training in the insurance sector, and interested candidates should not miss this chance to apply.
Overloading Cannot Be Considered A Fundamental Breach Of Insurance Policy, NCDRC Rules In Favour Of Insured, Orders Bharti Axa To Pay Partial Amount
The National Consumer Disputes Redressal Commission (NCDRC) has ruled in favor of a complainant, K. Subbulakshmi, in a case against Bharti Axa General Insurance Company. The complainant’s Eicher Van was insured with the company, but when the vehicle was involved in an accident, the insurance company repudiated the claim due to overloading. The company claimed that the vehicle was carrying 11.2 tonnes of load, exceeding the permitted capacity of 9.2 tonnes.
The complainant filed a consumer complaint before the District Consumer Disputes Redressal Commission, Coimbatore, which was dismissed. The complainant then filed a first appeal before the State Consumer Disputes Redressal Commission, Tamil Nadu, which directed the insurance company to disburse Rs. 2,51,723/- to the complainant. The insurance company filed a revision petition before the NCDRC, which was heard by a bench consisting of AVM J. Rajendra and Mr. Justice Anoop Kumar Mendiratta.
The NCDRC referred to a Supreme Court judgment, Ashok Kumar vs New India Assurance Co. Ltd., which held that only a fundamental breach of policy terms can justify a full repudiation of a claim. The NCDRC observed that the vehicle was duly registered and had a valid insurance policy at the time of the accident, and that the driver had a valid driving license. The only contention between the parties was regarding the carrying capacity of the vehicle.
The NCDRC held that overloading of the vehicle does not constitute a fundamental breach, and therefore, the insurance company was liable to pay 75% of the assessed amount on a non-standard basis. The commission directed the insurance company to pay Rs. 1,88,792 (75% of the assessed amount) along with 7% interest per annum from the date of repudiation till the date of final payment, within two months from the date of the order. If the payment is delayed, the simple interest will increase to 10% per annum.
This judgment sets a precedent for insurance companies, emphasizing that overloading of a vehicle does not necessarily constitute a fundamental breach of policy terms, and that insurers may still be liable to pay a portion of the claim amount even if the vehicle is overloaded at the time of the accident. The NCDRC’s decision is a significant victory for consumers, as it ensures that insurance companies do not unfairly repudiate claims based on minor breaches of policy terms.
Which Insurance Company Has the Highest Claim Approval Rate? Find Out the Best Performers in This Report
When purchasing insurance, individuals trust that their insurance companies will provide financial support in times of need. However, a recent report by the Insurance Brokers Association of India (IBAI) revealed that the claim-to-settlement ratio in India dropped from 87% in FY22 to 86% in FY23. This means that out of all the claims filed, 86% were successfully settled, while 14% were rejected. The report compiled data from insurance providers to help individuals make informed decisions when buying insurance policies.
The claim-to-settlement ratio is a crucial metric that measures the number of claims settled compared to the total number of claims filed. The insurance regulator, IRDAI, requires insurance companies to publish their settlement and rejection statistics on their websites. The report found that the claims repudiation rate increased to 6% for general insurance, which encompasses health, fire, motor, and marine cargo coverage.
Some insurance companies performed better than others in terms of claim settlement ratios. Private insurance companies such as HDFC Ergo, Future Generali, Aditya Birla Health, and Shriram had fewer claims rejections. New India Assurance, a public sector insurer, had the lowest claims rejection ratio at 0.2%. In the health insurance sector, New India Assurance had a claim settlement ratio of 95%, while Aditya Birla Health achieved a claim settlement ratio of 95% among independent health insurers.
The report also highlighted that insurance coverage in India is limited, with a penetration rate of 30% compared to developed nations like the US, where it exceeds 90%. The high tax on insurance premiums, at 18%, is a significant factor contributing to limited coverage. To avoid last-minute claim rejections, policyholders must be transparent about their medical history and provide necessary documents.
The IBAI report provides valuable insights for individuals buying insurance policies. It emphasizes the importance of choosing an insurance company with a good claim settlement ratio and being transparent about medical history to avoid claim rejections. By making informed decisions, individuals can ensure that their insurance policies provide the necessary financial support in times of need. Overall, the report highlights the need for increased insurance penetration and awareness in India, as well as the importance of transparency and careful planning when purchasing insurance policies.
Bank of India has formed a strategic partnership with New India Assurance to drive insurance growth.
On March 24, 2025, Bank of India, a leading public sector bank, and New India Assurance Co. Ltd. (NIACL), India’s premier insurance company, formed a strategic partnership. The partnership aims to provide a wide range of general insurance products to Bank of India’s customers. With this collaboration, customers will have access to various insurance solutions, including health, motor, personal accident, home, and commercial insurance products offered by NIACL.
According to Shri Rajneesh Karnatak, MD & CEO of Bank of India, the partnership is a significant step forward in offering comprehensive insurance solutions under one roof. Ms. Girija Subramanian, Chairman-cum-Managing Director of NIACL, expressed confidence that the partnership will enhance insurance penetration for Bank of India customers and provide them with quality service and protection.
The partnership between Bank of India and NIACL is a powerful alliance in India’s bancassurance ecosystem. Bank of India has an extensive network of over 5,200 branches across the country, while NIACL brings over 100 years of experience in the general insurance sector. This collaboration is expected to leverage the strengths of both institutions to provide customers with a wide range of insurance products and services.
The partnership is a win-win for both parties, as it will enable Bank of India to offer its customers a broader range of financial products and services, while NIACL will gain access to a large customer base and expand its reach. The collaboration is also expected to contribute to the growth of the insurance sector in India by increasing insurance penetration and providing customers with more choices and better services.
Overall, the partnership between Bank of India and NIACL is a significant development in the Indian banking and insurance industry. It is expected to bring benefits to customers, improve insurance penetration, and contribute to the growth of the sector. With their combined strengths and expertise, Bank of India and NIACL are well-positioned to provide customers with high-quality insurance products and services.
₹1.06 Lakh Crore Premium Collected By Public Sector Insurance Firms, FM Sitharaman Reviews Premium Collections
The total premium collected by public sector general insurance companies (PSGICs) has increased significantly, rising from around Rs 80,000 crore in FY19 to nearly Rs 1.06 lakh crore in FY25. The overall general insurance industry has also reported growth, with total premium collections reaching Rs 3.07 lakh crore in FY2024-25. This growth was reviewed by Finance Minister Nirmala Sitharaman in a meeting with PSGICs, where she discussed key performance indicators such as premium collections, insurance penetration, and density, and incurred claims ratios.
Despite the growth, general insurance penetration in India remains relatively low, at 1% of GDP, compared to a global average of 4.2% in 2023. Insurance density has, however, improved, increasing from $9 in 2019 to $25 in 2023. The Finance Minister emphasized the need for PSGICs to work towards improving both penetration and density to ensure wider financial protection.
The meeting also discussed the health insurance segment, which has shown consistent premium growth across private insurers, standalone health insurers, and PSGICs. Incurred claims ratios, which had peaked during the Covid-19 pandemic, have since declined. By FY24, these ratios had moderated to 103% for PSGICs, 89% for private insurers, and 65% for standalone health insurers.
The PSGICs have also witnessed a significant turnaround, with all of them becoming profitable again. Oriental Insurance Company Ltd. and National Insurance Company Ltd. started posting quarterly profits, while United India Insurance Company Ltd. posted a profit after a gap of 7 years. New India Assurance Company Ltd. has consistently maintained its position as a market leader and has been making profits regularly.
The Finance Minister emphasized the urgent need for digital transformation across all PSGICs to improve service delivery and efficiency. This includes the adoption of AI-driven claim settlement systems and the use of advanced data analytics and artificial intelligence to develop precise pricing models and efficient claims modeling. The minister believes that this is essential for improved risk assessment and long-term sustainability. Overall, the meeting highlighted the need for continued growth and improvement in the general insurance industry, particularly in terms of penetration, density, and digital transformation.
Stock Market Updates for New India Assurance
Recent Updates
NIACL Assistant Mains admit card 2025 out; exam to be held in March
The New India Assurance Company Limited (NIACL) has announced the release of the Assistant Phase II online examination admit card for the year 2024. Candidates who are eligible to take the exam can download their hall tickets from the official website, newindia.co.in. The main examination is scheduled to take place on March 2 and will last for two hours. The exam will consist of 200 questions, worth 250 marks, and will have a penalty of 1/4th of the marks assigned to each question for incorrect answers.
All tests, except for the English Language section, will be available in both English and Hindi. The recruitment drive aims to fill 500 Assistant posts, and candidates who have been shortlisted for the main exam can download their admit cards by following the steps outlined on the official website. To download the admit card, candidates must visit the official website, navigate to the Recruitment section, and click on the link for the Mains admit card 2024. They will then need to enter their login details and submit them to access and download their admit card.
It is essential for candidates to download and print their admit cards, as they will need to present them at the examination center on the day of the exam. The official notification and list of shortlisted candidates can also be found on the website. Candidates are advised to visit the official website for more detailed information and to stay updated on the recruitment process. A direct link to the Assistant Main admit card is also available for easy access. With the release of the admit cards, candidates can now prepare for the main exam, which will take place on March 2, and take the next step towards filling the 500 available Assistant posts.
Mumbai man triumphs over insurance firm after 8-year battle, receives ₹16.5-lakh claim
A 49-year-old Mumbai man, Chetan Tolia, has finally received ₹16.5 lakh in insurance compensation eight years after a road accident left him blind in one eye. The accident occurred in Hyderabad in 2017, and Tolia underwent multiple surgeries, including a failed corneal graft and treatment for retinal detachment. Despite his vision in his left eye being declared permanently and irreversibly lost, the insurer, The New India Assurance Company Limited, initially paid him only ₹4.5 lakh, citing a certificate from J J Hospital that mentioned “30% disability”.
The insurer claimed that this indicated only partial vision loss, justifying a reduced payout. However, the 30% figure referred solely to impairment in the affected eye, not total visual capacity. The certificate described a “complete mobile retinal detachment” and noted the condition as “permanent, non-progressive and not likely to improve”. Despite this, the insurer treated the percentage as a reflection of overall disability, overlooking the absence of any assessment of binocular vision or functional impairment.
Tolia’s case highlights the emotional and legal toll that many policyholders face when dealing with insurance companies. He appealed multiple times to the company’s grievance cell and the insurance ombudsman but got no relief. It was only in April 2025 that the District Consumer Disputes Redressal Commission, Mumbai Suburban Additional, finally ruled in his favor, ordering the insurer to pay ₹16.5 lakh with 6% interest from 2017, plus ₹35,000 for mental agony and litigation costs.
Experts say that Tolia’s case underscores the need for reform in how insurers assess disability and settle claims. There is a lack of standardized guidelines and independent medical arbitration, which allows insurers to act as both assessor and adjudicator. This can lead to misuse of medical terminology and outdated assessment criteria, resulting in the rejection of valid claims. The Insurance Regulatory and Development Authority of India (IRDAI) must step in with clearer enforcement policies, penalties for bad-faith denials, and transparent communication practices to protect policyholders.
Tolia’s case has reignited calls for stronger regulation of India’s private health insurance sector. There is a troubling trend of insurers rejecting valid claims by misusing medical terminology and outdated assessment criteria. The lack of legal literacy around insurance policies, particularly among middle- and lower-income groups, leaves people unaware of their rights or the basis for denial. The imbalance of power between insurers and claimants is stark, and what’s needed is not just regulation, but accountability, medical clarity, and empathy built into the system.
New India Assurance Co. Ltd., Oman receives the prestigious Times of Oman Best Brand in Customer Experience Award
New India Assurance Co. Ltd., Oman, has been honored with the prestigious Times of Oman Best Brand in Customer Experience Award in the insurance category at the Oman CX Awards 2025. This recognition is a testament to the company’s unwavering commitment to delivering exceptional service and customer satisfaction across the Sultanate. The award was received by Mr. Gaurav Sharma, Chief Operating Officer of New India Assurance, Oman Operations, on behalf of the company.
The Oman CX Awards 2025 celebrated excellence across 35 product and service categories, with winners determined through nationwide consumer voting. The event highlighted the critical role customer experience plays in brand reputation and long-term success. New India Assurance’s win is a result of its customer-centric approach, which has been reflected in its recent innovations, including the launch of a state-of-the-art Customer Care Centre in December 2024. The centre offers direct call lines and WhatsApp support to enhance client accessibility and responsiveness.
Mr. Majid Abdul Rahim Jaffer Al Bahrani, the visionary leader of New India Assurance, Oman, expressed his gratitude to customers and partners for voting for the company as the Best Brand in Customer Experience. Mr. Gaurav Sharma commented, “This award is a testament to the exceptional service delivered by our team. We are deeply honored and extend our sincere appreciation to all our valued customers and partners for their continued trust and support.”
The award ceremony was attended by prominent figures, including His Highness Sayyid Mohammed Bin Salem Al Said and Mr. Ahmed Essa Al Zadjali, CEO of Muscat Media Group. The recognition is a significant milestone for New India Assurance, which is celebrating its 50th year of operations in Oman. The company continues to set industry benchmarks, reflecting the enduring trust and confidence of its customers.
New India Assurance’s commitment to customer experience is evident in its efforts to enhance client accessibility and responsiveness. The company’s Customer Care Centre is a testament to this commitment, providing direct support to customers through various channels. As the company looks to the future, it remains dedicated to delivering exceptional service and customer satisfaction, solidifying its position as a leading insurance provider in Oman. With its customer-centric approach and innovative solutions, New India Assurance is well-positioned to continue setting industry benchmarks and exceeding customer expectations.
Innovate to address new risks, Finance Minister advises insurers
Finance Minister Nirmala Sitharaman held a meeting with public sector general insurance companies to discuss their performance and future strategies. The meeting was attended by top officials, including Financial Services Secretary M Nagaraju. Sitharaman emphasized the importance of innovation and diversification in the insurance sector, citing the need for products that address emerging risks such as cyber fraud.
The Minister encouraged the insurers to develop new products and services that cater to evolving consumer demands. She also stressed the need for robust underwriting, better portfolio optimization, and improved combined ratios to ensure long-term financial sustainability. Sitharaman suggested that insurers leverage data analytics and artificial intelligence (AI) to develop precise pricing and claims models, which would enable better risk assessment.
Sitharaman also highlighted the need to increase insurance penetration and density in India. Currently, insurance penetration in the country stands at 1% of GDP, which is significantly lower than the global average of 4.2%. However, there has been a notable improvement in insurance density, which has increased from $9 in 2019 to $25 in 2023. The Minister urged the insurers to step up their adoption of digital tools to improve their services and reach a wider audience.
The meeting was attended by representatives from six public sector general insurance companies, including New India Assurance, United India Insurance, and National Insurance. The Minister’s emphasis on innovation, diversification, and digitalization is expected to drive growth and improvement in the insurance sector. By developing new products and services, improving risk assessment, and increasing penetration and density, the public sector general insurance companies can better serve the evolving needs of consumers and contribute to the overall growth of the economy.
Overall, the meeting highlighted the government’s focus on promoting the growth and development of the insurance sector, and the need for public sector general insurance companies to adapt to changing market conditions and consumer demands. By leveraging technology and innovation, these companies can improve their services, increase their reach, and contribute to the overall growth of the economy.
NIACL Assistant Mains Result 2024 Declared; Download Link Available
The New India Assurance Company Limited (NIACL) has announced the results of the Assistant Phase II exam, which was held on March 2, 2025. Candidates who took the exam can now check their results on the official NIACL website, newindia.co.in. The results declare the list of qualified candidates who have been shortlisted for the Regional Language Test, a crucial step in the recruitment process.
The recruitment drive aims to fill 500 Assistant posts, and the qualified candidates will now proceed to the next stage of the selection process. The Regional Language Test is an essential component of the recruitment process, and only candidates who clear this test will be considered for the final selection.
To download the Assistant Mains result 2024, candidates can follow these simple steps:
1. Visit the official website, newindia.co.in
2. Click on the “Recruitment” tab and select “ASSISTANT RECRUITMENT EXERCISE – 2024”
3. Click on the “Mains result 2024” link
4. The result will appear on the screen
5. Download and take a printout of the result for future reference
Candidates who have not been shortlisted for the Regional Language Test will be able to view their mark sheet and cut-offs for the Tier II (Main) examination on the website in due course. The NIACL has advised candidates to visit the official website for more details and updates on the recruitment process.
The declaration of the Assistant Phase II result 2024 is a significant milestone in the recruitment process, and candidates who have cleared the exam can now look forward to the next stage of the selection process. With 500 Assistant posts up for grabs, the competition is expected to be fierce, and candidates will need to perform well in the Regional Language Test to secure a spot in the final selection.
New India Assurance Company appoints seven General Managers
The New India Assurance Company Limited, a leading insurance company in India, has announced the appointment of seven new General Managers. The company has informed the regulatory authorities and stakeholders about the new appointments through a regulatory filing. The newly appointed General Managers are:
1. Ms. Jayashree Nair
2. Ms. Abraham Mary
3. Mr. Prashant Biswas
4. Ms. Rema Devi V.
5. Mr. Dinakaran S.
6. Ms. S Jayashree
7. Mr. K Ramesh
This strategic expansion of the general managers’ cadre is a significant move by the company to strengthen its operational efficiency and drive future growth. The new appointments demonstrate the company’s commitment to enhancing its management team and improving its overall performance. The specific roles and responsibilities of the new General Managers will be announced in due course.
The New India Assurance Company Limited is a leading public sector insurance company in India, and this move is expected to have a positive impact on its operations and growth. The company’s decision to appoint new General Managers is seen as a step towards achieving its business objectives and meeting the evolving needs of its customers.
The appointment of new General Managers is also a significant development in the Indian insurance industry, which is witnessing rapid growth and increasing competition. The New India Assurance Company Limited is one of the largest insurance companies in India, and its decisions have a significant impact on the industry as a whole.
Overall, the appointment of seven new General Managers by The New India Assurance Company Limited is a positive development that is expected to contribute to the company’s growth and success in the future. The company’s focus on strengthening its operational efficiency and driving future growth is likely to have a positive impact on its stakeholders, including customers, employees, and investors.
Fastest Insurers to Settle Claims within 3 Months:
- ICICI Lombard General Insurance: 98.04% claims settled within 3 months
- Bajaj Allianz General Insurance: 96.45% claims settled within 3 months
- HDFC Ergo General Insurance: 95.52% claims settled within 3 months
- Apollo Munich Health Insurance: 94.95% claims settled within 3 months
- Max Bupa Health Insurance: 94.64% claims settled within 3 months
Slowest Insurers to Settle Claims within 3 Months:
- United India Insurance: 73.45% claims settled within 3 months
- New India Assurance: 75.13% claims settled within 3 months
- National Insurance: 76.23% claims settled within 3 months
- Oriental Insurance: 77.15% claims settled within 3 months
- Universal Sompo General Insurance: 78.21% claims settled within 3 months
The Insurance Regulatory and Development Authority (IRDAI) has released its handbook on Indian Insurance Statistics for 2023-24, which provides insights into the claim settlement ratios of various insurance companies in India. The claim settlement ratio helps policyholders understand the proportion of claims an insurance company honors or pays out during a certain period. A higher claim settlement ratio indicates that the insurer is more efficient in settling claims.
According to the data, Navi General Insurance has the highest claim settlement ratio of 99.97% within 3 months in FY23-24, followed by Acko (99.91%), HDFC Ergo (99.16%), Reliance General (99.57%), and Universal Sompo (98.11%). However, while these insurers have a high claim settlement ratio, their incurred claims ratio, which refers to the proportion of premiums paid out as claims, varies. For instance, Navi General Insurance has an incurred claims ratio of 52.40%, while Acko has an incurred claims ratio of 69.57%.
On the other hand, New India Assurance and National Insurance, both public insurers, have lower claim settlement ratios of 92.70% and 91.18%, respectively. However, they have higher incurred claims ratios, with National Insurance reporting an incurred claims ratio of 95.9% and New India Assurance reporting an incurred claims ratio of 97.36%.
Among stand-alone health insurers, Star Health has the lowest claim settlement ratio of 82.31% within 3 months, while Aditya Birla Health Insurance has the highest claim settlement ratio of 92.97%. Care Health has the lowest incurred claims ratio of 57.69%, while Aditya Birla Health Insurance has an incurred claims ratio of 68.31%.
When choosing an insurance policy, it’s essential to consider not just the claim settlement ratio but also other factors such as customer service, policy exclusions, benefits, and solvency ratio. Experts recommend an incurred claims ratio between 70% and 90% to be an indicator of a good insurer in terms of claim experience and sustainability. A combination of a high claim settlement ratio and an incurred claims ratio can help narrow down a good insurance policy.
In conclusion, the claim settlement ratio is an essential metric to consider when choosing an insurance policy, but it’s not the only factor. Policyholders should also look at other benefits, customer service, and financial health of the insurer to make an informed decision.
When women generate income, they should be encouraged with income protection: Girija Subramanian
The Government of India has introduced the Women Udyam Bima Policy to support women entrepreneurs and encourage them to participate in the formal workforce. This policy, launched by The New India Assurance Co. Ltd, aims to provide financial protection and support to women running micro and small industries with an asset size not exceeding five crores. The policy covers fire, burglary, loss of profits, and weather-related damages, with a sum insured of up to five crores and flexible premium payment options.
According to Girija Subramanian, Chairman cum Managing Director of The New India Assurance Co. Ltd, the policy is designed to bridge the gap in insurance penetration among women in India, which stands at only 34.2% of total policies sold in 2022-23. Women in India face numerous challenges, including low financial literacy, limited access to tailored insurance, and income instability, making them vulnerable to financial risks.
The Women Udyam Bima Policy offers several key features, including flexibility in premium payments, a discount of up to 20% on premiums for women entrepreneurs, and the ability to adjust the sum insured based on financial capability. The policy applies to both manufacturing and services sectors and provides coverage for various occupancies.
The New India Assurance Co. Ltd is committed to promoting financial inclusion and empowerment for women-led businesses. The company has a strong female leadership, with around 30% of its workforce consisting of women, and is working towards making its processes more digital and automated. The company has also launched financial literacy programs focused on women and is partnering with self-help groups and NGOs to promote financial independence and well-being.
India’s goal of ‘Insurance for All by 2047’ is expected to lead to an evolution in women’s roles in the insurance sector, with more women participating as consumers, agents, and industry leaders. The New India Assurance Co. Ltd is supporting women’s empowerment and community development through various CSR initiatives, including skill development programs for rural women and health camps.
Overall, the Women Udyam Bima Policy is a significant step towards bridging the gap in insurance penetration among women in India and promoting financial inclusion and empowerment for women-led businesses. With its flexible features and commitment to financial literacy and digital automation, the policy has the potential to make a positive impact on the lives of women entrepreneurs in India.
Best insurance company in India: 90% claims settled each by Aditya Birla, New India, HDFC ERGO; Bajaj, Star, Shriram lowest.
A recent report by the Insurance Brokers Association of India (IBAI) for the financial years 2023-24 and 2022-23 has revealed that four insurance companies in India have consistently cleared more than 90% of claims made by beneficiaries. The top performers include Aditya Birla Health, HDFC Ergo, and New India Assurance, which achieved claim clearance rates of 91.88%, 92.1%, and 93.13%, respectively.
The data shows that Aditya Birla Health received over 8.5 lakh claims in 2023 and settled 91.88% of them, up from 89.96% in 2022. HDFC Ergo handled 52 lakh claims and settled 94.32% of them in 2023, an improvement from 92.10% the previous year. New India Assurance, a public sector company, processed over 1.5 crore claims with a settlement rate of 93.13%, marginally up from 93.04% in 2022.
On the other hand, some private insurance companies, including Bajaj Allianz, Star Health, and Shriram, performed poorly in terms of claim settlement. Bajaj Allianz handled 47 lakh claims but managed to clear only 73.38%, the lowest settlement rate among the analyzed insurers. Star Health processed 19 lakh claims but settled just 74%, while Shriram’s performance was the weakest, with a clearance rate of only 70% for its 2 lakh claims.
The report highlights the disparity in claim settlement rates among insurance companies in India. While some companies have consistently demonstrated a high level of claim settlement, others have struggled to settle claims in a timely and efficient manner. The data suggests that policyholders should carefully evaluate the claim settlement record of an insurance company before purchasing a policy.
The IBAI report provides valuable insights into the performance of insurance companies in India and can help policyholders make informed decisions when choosing an insurance provider. The report’s findings also underscore the need for insurance companies to prioritize claim settlement and improve their processes to ensure that beneficiaries receive timely and fair compensation. Overall, the report highlights the importance of transparency and accountability in the insurance industry and the need for companies to prioritize the needs of their policyholders.
According to a report by the brokers association, the Indian insurance companies that reject claims the least are revealed, providing insight into the claims settlement records of various insurers.
A recent report by the Insurance Brokers Association of India (IBAI) has revealed that the claim-to-settlement ratio for general insurance in India has decreased to 86% in 2022-23, down from 87% in the previous fiscal year. This means that 14% of claims were rejected by insurance companies. The report also found that the claims repudiation ratio, which is the proportion of claims rejected by insurers, rose to 6% for general insurance, including motor, health, fire, and marine cargo.
The report analyzed data from various insurance companies and found that public sector insurer New India Assurance had the lowest claims repudiation ratio of 0.2%. Other private insurers with lower rates of claims rejection include HDFC Ergo, Future Generali, Aditya Birla Health, and Shriram. The Insurance Regulatory and Development Authority of India (IRDAI) makes it mandatory for insurance companies to publish settlement and rejection data on their websites, which helps policyholders make informed choices.
The report categorized general insurers into four categories: public sector general insurers, large private sector general insurers, other private sector insurers, and standalone health insurers. In the health insurance category, New India Assurance had a claim-settlement ratio of 95%, followed by Aditya Birla Health with a ratio of 95%. Iffco Tokio and Bajaj Allianz were among the top large private sector general insurers with a claims-to-settlement ratio of 90% or more.
However, experts point out that the data is combined for group and individual policies, and claim-rejection rates are historically lower for corporate policies. They argue that separate claim-settlement data for individual health insurance policies is needed to get a true picture. Incomplete or false disclosure at the time of policy purchase also contributes to claim rejections.
The report also highlighted the low insurance penetration in India, which is at 30%, compared to developed countries like the US, where it is over 90%. The high 18% tax on insurance premiums is also a concern, as it makes insurance unaffordable for many people. Experts suggest that reform measures are needed to reduce taxes and provide segregated data on claim-settlement ratios to help people make informed choices. Additionally, there is a need for better infrastructure and social security nets to support the growth of the insurance industry and provide relief to policyholders.
Public Sector General Insurance Companies Register Combined Profit of Rs. 1066 Crore in Q3 of 2024-25
The Indian Public Sector General Insurance Companies (PSGICs) have experienced a significant turnaround, with all companies becoming profitable again after historically reporting losses. Oriental Insurance Company Ltd. (OICL) and National Insurance Company Ltd. (NICL) started posting quarterly profits in Q4 of FY 2023-24 and Q2 of FY 2024-25, respectively. United India Insurance Company Ltd. (UIICL) also reported a profit in Q3 of FY 2024-25, after a seven-year gap. New India Assurance Company Ltd. (NIACL) has consistently maintained its position as a market leader and has been making profits regularly.
The government’s commitment to creating strong and competitive PSGICs has been instrumental in this turnaround. The government infused a total capital of Rs. 17,450 crore into these companies between 2019-20 and 2021-22, allowing them to undertake structural reforms, enhance operational efficiencies, and return to profitability. The PSGICs have also implemented various measures, including improved risk management practices, loss control initiatives, adoption of technology, development of new products, and better customer services.
As a result, the PSGICs have posted a significant turnaround, with combined losses of over Rs. 10,000 crore in 2022-23 being replaced by a combined profit of Rs. 1,066 crore in Q3 of FY 2024-25. The companies are committed to maintaining this positive trajectory and are rolling out ongoing strategic measures and new initiatives to further strengthen their financial stability and improve customer services. The PSGICs aim to offer high-quality insurance products and services, ensuring long-term sustainability and enhancing customer experience, while achieving growth.
The broader objective of the PSGICs is to achieve “Insurance for All” by 2047, and they are committed to working towards this goal. With the government’s support and the companies’ own efforts, the PSGICs are well on their way to achieving this objective and maintaining their position as major players in the Indian insurance industry. Overall, the turnaround of the PSGICs is a significant achievement and a testament to the effectiveness of the government’s reforms and the companies’ own efforts to improve their performance.
The Central Bureau of Investigation (CBI) has arrested a surveyor and an official of a Chandigarh-based general insurance firm for allegedly accepting bribes.
The Central Bureau of Investigation (CBI) has arrested two individuals, NS Sidhu, an insurance surveyor, and JK Mittal, a Regional Manager of New India Assurance Company, in Chandigarh, in a bribery case involving Rs 5 lakh. According to CBI officials, a case was registered against Sidhu, who allegedly demanded a bribe of Rs 12 lakh from a complainant to expedite the release of an insurance claim for his factory, which had caught fire in 2010. The bribe was also intended to prevent an appeal from being filed in a higher court.
The CBI laid a trap and caught Sidhu accepting a bribe of Rs 5 lakh, which was the first installment, on behalf of Mittal, who was also arrested. The agency is currently conducting searches at the premises of both accused in Chandigarh and Panchkula, which have yielded some documents related to investments and keys to bank lockers.
The arrest and searches are part of an ongoing investigation into the bribery allegations, and the CBI is working to uncover the full extent of the corruption. The agency has stated that it will continue to investigate and take action against anyone found to be involved in the bribery scheme.
The case highlights the ongoing issue of corruption in India, particularly in the insurance sector. The CBI’s efforts to crack down on bribery and corruption are crucial in maintaining public trust and ensuring that businesses and individuals are held accountable for their actions. The arrest of Sidhu and Mittal serves as a warning to others who may be engaging in similar corrupt activities, and demonstrates the CBI’s commitment to rooting out corruption and promoting transparency and accountability.
The investigation is ongoing, and further details are expected to emerge as the CBI continues its probe. The agency’s actions in this case demonstrate its dedication to combating corruption and ensuring that justice is served. The public can expect to see more actions taken against those involved in corrupt activities, and the CBI’s efforts will help to promote a cleaner and more transparent business environment in India.
New India Assurance and Aditya Birla Life Insurance’s Health Insurance Claim Settlements in Fiscal Year 2023
The Insurance Brokers Association of India has released data on health insurance claims paid by various insurance companies for the year ending March 2023. According to the data, New India Assurance Co. Ltd. ranked among the top players in terms of health claims paid, with an impressive 95% of claims paid. Aditya Birla Health Insurance came in second, with a claims paid ratio of 94.5%. In terms of the amount of claims paid, New India Assurance settled 98.7% of claims, while Oriental Insurance ranked second, settling 97.4% of claims.
The claims paid ratio is a key metric used to measure an insurance company’s efficiency in processing and settling claims. A higher claims paid ratio indicates that an insurer is doing an excellent job in settling claims in a timely and efficient manner. In contrast, a lower ratio may suggest that an insurer is taking longer to settle claims or is more likely to deny claims.
It’s worth noting that the claims paid ratio for the amount of claims is a separate metric that measures the proportion of the total amount of claims available for processing that has been paid out. This ratio provides a more comprehensive view of an insurer’s ability to settle claims in a timely and efficient manner.
Overall, these figures suggest that New India Assurance and Aditya Birla Health Insurance are among the top performers in terms of health insurance claims paid, with Oriental Insurance following closely behind. This information can be useful for consumers looking to choose the best health insurance provider for their needs, as it provides insight into an insurer’s reputation for settling claims promptly and efficiently.
The NIACL (New India Assurance Company Limited) has officially launched the recruitment process for 500 vacancies, and you can apply directly through the provided link.
The New India Assurance Company Limited (NIACL) is conducting a recruitment drive for 500 Assistant posts. The application process is open from December 17, 2024, to January 1, 2025. The Tier I (Preliminary) Online Examination is scheduled for January 27, 2025, and the Tier II (Main) Online Examination will be held on March 2, 2025.
To apply for the job, candidates need to follow these steps:
1. Visit the company’s website at newindia.co.in and navigate to the ‘Recruitment’ section.
2. Click on the “CLICK HERE FOR NEW REGISTRATION” tab.
3. Fill in and verify the online form, and use the “SAVE AND NEXT” facility to review and modify the form details as needed.
4. Upload a photo and signature according to the specifications mentioned in the guidelines for scanning and uploading.
5. Review the entire application form before submission and make any necessary changes.
6. Proceed to pay the application fee, which is Rs. 100 for SC/ST/PwBD/EXS candidates and Rs. 850 for all other candidates.
7. Finally, submit the application form.
The age limit for the post is between 21 and 30 years as of December 1, 2024. The selection process involves three stages:
1. Preliminary examination
2. Main examination
3. Regional language test (for candidates who qualify for the main examination)
Candidates can check the official website of NIACL for more information. The direct link to apply is provided, and the application process is expected to close on January 1, 2025.
Former New India Assurance Manager Sent to Prison for Filing False Insurance Claim
The Central Bureau of Investigation (CBI) Court in Ahmedabad has sentenced five individuals to five years of rigorous imprisonment and imposed a cumulative fine of Rs 23.5 lakh in connection with a fraudulent insurance claim. The accused, Dinesh Parshotamdas Patel, Sanjay R. Chitre, Manan D. Patel, Shishupal Rajput, and Amar Singh Bialbhai, were found guilty of manipulating insurance claims and causing a financial loss to the New India Assurance Company Limited (NIACL).
The investigation revealed that between 1999 and 2000, the accused conspired to file fake accident claims supported by forged documents and fabricated evidence. The Senior Divisional Manager of NIACL, along with private accomplices, altered accident records and submitted false claims, resulting in a loss of Rs 4,89,488 to the insurance company. The group created fake police reports and used tampered photographs to legitimize their claims. The fraud was carried out through a network of bank accounts to process and distribute the stolen funds.
The CBI registered the case in 2003 and filed a chargesheet against the accused in 2005. The trial was lengthy, with 25 witnesses and 228 documents examined. The court found the accused guilty based on strong evidence and sentenced them to rigorous imprisonment and imposed a fine. The case highlights the vigilance of the CBI in uncovering complex financial fraud and ensuring accountability. The investigation demonstrates the importance of protecting public funds from such conspiracies, which remain a top priority for investigative agencies.
The National Institute of Advanced Corporate Law (NIACL) has released the admit card for Phase 1 of the 2024 competitive exams, which can be downloaded from the official website newindia.co.in.
New India Assurance Co. Ltd. (NIACL) has released the admit card for the Phase 1 examination of the Assistant recruitment 2024. Candidates who have registered for the exam can download their admit card from the official website of NIACL at newindia.co.in. The Phase 1 examination is scheduled to take place on January 27, 2025.
The admit card will be available for download from January 16 to January 27, 2025. To download the admit card, candidates can follow the steps provided by NIACL. The steps include visiting the official website, clicking on the recruitment link, clicking on the Assistant link, selecting the link for the Phase 1 admit card, entering login details, and downloading the admit card.
Once downloaded, candidates are advised to check the admit card and keep a hard copy of the same for future reference. The selection process will consist of an online test, followed by a regional language test and a final selection.
The recruitment drive aims to fill up 500 Assistant posts in the organization. The registration process started on December 17, 2024, and concluded on January 1, 2025. For more information, candidates can visit the official website of NIACL.
India’s regulatory body grants approval for Go Digit to become the country’s first private reinsurer.
The Insurance Regulatory and Development Authority of India (Irdai) has granted a certificate of registration to Valueattics Reinsurance, allowing it to become the first private sector reinsurer in the country. This development marks a significant step towards fostering competition in the reinsurance sector, previously dominated by the state-owned General Insurance Corporation of India (GIC Re). Valueattics Reinsurance is promoted by Oben Ventures LLP, founded by Go Digit’s Kamesh Goyal, and FAL Corporation, a subsidiary of Canadian billionaire Prem Watsa’s Fairfax Financial Holdings. This achievement is a major milestone for Goyal, who is also a director at Valueattics Reinsurance, and marks the first time that Kamesh Goyal and Fairfax will hold licenses for general insurance, life insurance, and reinsurance businesses in India. The development is expected to boost competition in the reinsurance sector, which has been dominated by GIC Re.
Currently, 12 foreign reinsurance branches operate in India, including Munich Re, Swiss Re, and Lloyd’s of London. The Irdai also announced that Life Insurance Corporation of India, The New India Assurance Company, and General Insurance Corporation of India have been identified as domestic systemically important insurers for FY25. The meeting also reviewed the progress of Bima Sugam, an insurance marketplace, and the formation of Bima Sugam India Federation, an entity formed by insurers to develop an insurance electronic marketplace. This development is expected to promote competition and improve the overall insurance ecosystem in India.
The deadline to apply for our 500 Assistant positions is today – find the details here.
The New India Assurance Company Limited (NIACL) is set to close online applications for the recruitment of Assistants on January 1, 2024. The recruitment drive aims to fill 500 positions. To be eligible, candidates must be between 21-30 years old as of December 1, 2024, with a graduation degree in any discipline from a recognized university or equivalent qualification recognized by the Central Government. Additionally, they must have passed English as one of the subjects in SSC/ HSC/ Intermediate/ Graduation level, and possess a certificate in proof of passing the qualifying examination as on December 1, 2024.
The application fee is Rs. 100 for SC/ST/PwBD/EXS category candidates and Rs. 850 for all other categories. To apply, candidates should visit the official website newindia.co.in and follow these steps:
1. Go to the official website and click on “Recruitment” and then “ASSISTANT RECRUITMENT EXERCISE – 2024”.
2. Register and proceed with the application process.
3. Fill the form, pay the fee, and submit the form.
4. Take a printout for future reference.
The Tier I (Preliminary) online examination will be conducted on January 27, 2025, followed by the Tier II (Main) online examination on March 2, 2025. The call letters for each examination will be released seven days before the examination date. For more information, candidates can visit the official website.
New India Assurance is taking steps to enhance its underwriting standards and risk management protocols.
The New India Assurance Company’s financial performance is expected to remain adequate, with a strong balance sheet and a top-notch capital adequacy ratio. According to AM Best, the company’s balance sheet is underpinned by its risk-adjusted capitalisation at the strongest level, with a well-rated investment portfolio mainly composed of domestic government and corporate bonds. However, its balance sheet is still exposed to potential volatility due to its allocation to domestic equity investments.
The company’s operating performance is expected to face challenges from declining underwriting results due to continued claims in health and motor insurance and exposure to catastrophe losses. Despite this, New India’s return on equity has remained stable at 2.9% over the past five years, driven by stable investment income. The company’s enterprise risk management (ERM) remains a key area for improvement, with gaps persisting in underwriting risk management and pricing discipline. These challenges are expected to continue impacting the company’s ability to fully align its risk management framework with global standards in the medium term.
Despite these constraints, New India’s stability outlook reflects expectations of continued profitability and strong capitalisation, driven by its market leadership and investment performance. Overall, while the company faces challenges, its strong capitalisation and investment performance ensure that it remains a stable player in the insurance industry.
According to IRDA’s 2025 report, Navi, Acko, and Reliance General Insurance topped the list with the highest claim settlement ratio among health and general insurance companies.
In today’s world, having a solid health insurance policy is crucial to bear the burden of medical expenses. General insurance companies also offer health insurance coverage, among other types of insurance. However, it’s essential to evaluate the effectiveness of your health or general insurer in settling claims on time. One way to do this is by checking the claim settlement ratio, which refers to the proportion of claims paid out of the total number of claims received. According to the Insurance Regulatory and Development Authority of India (IRDAI), the claim settlement ratio is a significant indicator of an insurer’s credibility. For instance, a health insurer with a claim settlement ratio of 93% means it typically pays around 93 out of every 100 claims it receives.
IRDAI releases a list of claim settlements done by all health and general insurers every year. In 2023-2024, over 71,200,854 claims were paid out, with 81.13% of these paid within 3 months of claim intimation. Among private general insurers, Acko General Insurance led the pack with a claim settlement ratio of 99.91%, while Navi General Insurance Ltd. was close behind with 99.97%. Public sector insurers like National Insurance Co. Ltd. and The New India Assurance Co. Ltd. also performed well, with settlement ratios of 91.18% and 92.70%, respectively.
Amongstand-alone health insurers, Aditya Birla Health Insurance Company had the highest claim settlement ratio within 3 months at 92.97%. Care Health Insurance and Niva Bupa Health Insurance also performed well, with settlement ratios of 92.77% and 92.02%, respectively. On the other hand, Star Health and Allied Insurance Co. Ltd. had the lowest claim settlement ratio within 3 months, but it paid out the most claims (16,80,171) in less than 3 months. Overall, it’s essential to evaluate an insurer’s claim settlement ratio, as well as other factors such as sum insured, waiting period, and network of hospitals, before finalizing a health insurance policy.