The New India Assurance Company
The New India Assurance Company Limited is a majorly government-owned general insurer founded in 1919 and nationalised in 1973, holding IRDAI registration number 190. It is India’s largest general insurer by Gross Direct Premium and the only Indian insurer with a substantial overseas book, writing across motor, health, marine, fire and commercial lines.
Key Facts
| Legal Name | The New India Assurance Company Limited |
| IRDAI Registration Number | 190 |
| Licence Class | General insurance |
| Founded | 1919 |
| Nationalised | 1973 |
| Headquarters | Mumbai |
| Ownership | Government of India, administered by the Ministry of Finance |
| Listed | Yes, in the year 2017 |
| Incurred Claim Ratio [2024-25] | 96.61% |
| Solvency Ratio [As on March 2025] | 1.91 |
| Last Verified | 23 September 2026 |
About New India Assurance
The New India Assurance Company, nationalised in 1973 under the general insurance nationalisation programme, remains majority government-owned, though a minority stake is listed on Indian stock exchanges.
The Overseas Book
The company operates in a number of countries outside India, at a scale no other Indian general insurer matches. The company has had a branch in London for 100 years now, with a desk at Lloyds. Other direct branches, subsidiary companies, and agency operations span across countries such as Japan, Mauritius, Trinidad & Tobago, Nigeria, Sierra Leone, and more. As of FY 2024-25, the company’s books record Gross Direct Premium worth ₹41,992. 21 Crore.
Branch Reach
The other structural advantage is physical presence. As a Government of India undertaking, the New India Assurance Company maintains offices in tier-3 towns and rural districts where private insurers have little or no reach. An extensive network of 1594 offices across India enables interested parties to buy and claim in person. For those living outside a metro, that reach is a practical reason to consider it.
IRDAI Registration and Licence
New India Assurance holds the IRDAI registration number 190 as a general insurer. The registration permits motor, health, travel, home, marine, fire, liability, crop and commercial cover. It does not permit life insurance.
The company is one of four public sector general insurers, alongside United India Insurance, Oriental Insurance and National Insurance. All four were nationalised through the General Insurance Business (Nationalisation) Act, 1972.
ICICI Lombard onboarded 3,700+ hospital-network and garage relationships when Bharti AXA General was integrated in September 2021. Changes in network size across FY2021-FY2022 and onwards therefore include the merger and subsequent network
Claim Record
The New India Assurance Company’s credibility is measured through the Incurred Claim Ratio, instead of the conventional Claim Settlement Ratio for life insurers. The Incurred Claim Ratio shows claims paid as a percentage of premium earned, and a higher figure is not automatically better, because above 100 per cent, an insurer pays out more than it collects.
New India Assurance reported an incurred claim ratio of 96.61 per cent in FY 2024-25.
| Line of business | Note | ICR [FY 2024-25] |
|---|---|---|
| Motor | Commercial line that covers own-damage and motor insurance products | 106.40% |
| Health | Largest segment comprising retail health, group health, and more | 100.98% |
| Fire | Core property-insurance business that covers property risks | 71.20% |
| Marine | Comprises insurance products related to shipping, inland/coastal vessels, and other maritime risks | 53.74% |
| All Segments | Covers all segments | 96.61% |
One point of context specific to the public sector: Public sector general insurers have historically run higher ICRs than the private segment. Table 44 of the IRDAI’s Handbook on Indian Insurance Statistics 2024-25 reflects the trend. A higher ratio means more of each premium rupee is paid out in claims, which isn’t necessarily bad for a policyholder, though it does raise questions about underwriting sustainability that are the regulator’s concern rather than policyholders’.
Financial Strength
New India Assurance reported a solvency ratio of 1.91 as of March 2025, above the IRDAI minimum of 1.50.
| Measure | New India Assurance [FY 2024-25] |
|---|---|
| Gross Direct Premium | ₹41,992.21 |
| Premium Written Overseas | ₹3,367.45 |
| Branch and Office Count | 1594 offices in India and branches in 25 countries |
| Cashless Hospital Network | 1500+ |
| Cashless Garage Network | 3000+ |
Refer to the solvency ratio rather than the insurer’s size. Being the largest insurer by premium does not directly reveal capital adequacy, and the two are frequently conflated. Government ownership is likewise not a substitute for the solvency figure.
Products Offered
| Category | New India Assurance Product Range | UIN |
|---|---|---|
| Motor | Standalone OD for Motor TW | IRDAN190RP0002V01201920 |
| Commercial Vehicle Base Package Policy | IRDAN190RP0044V01100001 | |
| Commercial Vehicle Liability Only Policy | IRDAN190RP0004V01200203 | |
| Two Wheeler Base Package Policy | IRDAN190RP0043V01100001 | |
| Two Wheeler Liability Only Policy | IRDAN190RP0002V01200203 | |
| Long Term Stand Alone Motor Third Party Insurance Policy for Two Wheelers (Up to 3 Years) | IRDAN190RP0001V01201415 | |
| Five Year Long Term Stand Alone Motor Third Party Insurance Policy for Two Wheelers | IRDAN190RP0018V01201819 | |
| Long Term Two Wheelers Package Policy for 2 & 3 years | IRDAN190RP0003V01201415 | |
| Bundled Motor Policy for Two Wheelers | IRDAN190RP0022V02201819 | |
| Stand – Alone Motor Own Damage Policy for Private Cars | IRDAN190RP0001V01201920 | |
| Private Car Base Package Policy | IRDAN190RP0042V01100001 | |
| Private Car Liability Policy | IRDAN190RP0001V01200203 | |
| Three Years Long Term Stand Alone Motor Third Party Insurance Policy for Private Cars | IRDAN190RP0019V01201819 | |
| Long Term Motor Private Car Package Policy | IRDAN190RPMT0125V01202425 | |
| Bundled Motor Policy for Private Cars | IRDAN190RP0023V02201819 | |
| Health | Arogya Sanjeevani Policy | NIAHLIP25044V022425 |
| Atmanirbhar Health Policy | NIAHLIP25036V022425 | |
| Fire | New India Bharat Flexi Griha Raksha Base Policy | IRDAN190RPPR0032V02202223 |
| New India Bharat Flexi Sookshma Udyam Suraksha Policy | IRDAN190RP0035V02202223 | |
| Marine | [DATA] | |
| Rural | Saral Sampurna Kisan Bima Policy | IRDAN190RP0033V01202223 |
| Personal Accident | Personal Accident Individual Policy | IRDAN190P0002201314 |
| Householder Insurance | House Holder Insurance Policy | IRDAN190P0123V01100001 |
| Travel | Overseas Travel Ease Policy | NIATIO22220V012122 |
New India Assurance also participates in government insurance schemes, such as the Pradhan Mantri Fasal Bima Yojana (PMFBY).
Pradhan Mantri Fasal Bima Yojana
Aimed at supporting sustainable agricultural production, the PMFBY scheme, as administered by the New India Assurance Company, covers the cost of
- All food and oilseed crops for which past data is available.
- Annual/commercial horticultural crops for which past data is available.
- Damages arising from non-preventable risks such as drought, dry spell, flood, inundation, widespread pests and disease attack, landslide, fire, etc.
Exclusions are limited to losses arising from war, nuclear risks, malicious damage and any type of preventable risk.
How New India Assurance Compares
| Parameter | New India Assurance | United India Insurance | ICICI Lombard |
|---|---|---|---|
| Ownership | Government | Government | Private |
| Founded | 1919 | 1938 | 2000 |
| Gross Direct Premium [FY2024-25] | ₹41,992.21 Cr | ₹20,072.15 Cr | ₹26,833.36 Cr |
| Incurred Claim Ratio [FY2024-25] | 96.61% | 92.93% | 70.64% |
| Solvency Ratio [FY2024-25] | 1.91 | 0.65 | 2.69 |
| Branch Reach | Deepest, including rural | Deep | Metro and tier-1 concentrated |
| Digital Servicing | Improving | Improving | Strong |
| Overseas Operations | Yes | Conducted only through the Overseas Mediclaim Policy | Managed through partner networks |
Verdict:
New India Assurance provides better branch access in smaller towns, if you want to buy and claim in person, or if you need a commercial line that private insurers write thinly. ICICI Lombard and the other large private insurers generally offer faster digital servicing and app-based claims. None of the three is safer than the others, and government ownership does not guarantee payouts.
Grievance and Complaints Record
| Measure | New India Assurance [FY2024-25] |
|---|---|
| Total complaints received | 7768 |
| Complaints resolved | 7741 |
Compare against the public sector average and the overall average, since the four government insurers share a servicing model, a branch-led claim process, and a customer base weighted differently from the private segment. Comparing a public sector insurer’s complaint rate only against a digital-first private insurer measures two different things.
How to Contact New India Assurance and File a Claim
| Channel | Detail |
|---|---|
| Registered Office | Headquartered in Mumbai, Maharashtra, with 1920 offices globally |
| Customer Care Number | 1800-209-1415 |
| tech.support@newindia.co.in | |
| Website | newindia.co.in |
| Branch Locator | https://www.newindia.co.in/our-offices |
| Cashless Hospital List | https://www.newindia.co.in/hospitals-list |
| Cashless Garage List | https://www.newindia.co.in/garage-list |
For a Motor Claim
Notify the servicing office within the period your policy specifies, file an FIR where required, photograph the damage, and use a network garage or arrange a survey. Branch-based claim handling means the office named on your policy is usually the first point of contact.
For a Cashless Health Claim
Confirm the hospital is on the current list, obtain pre-authorisation before a planned admission, or have the hospital notify the insurer after an emergency.
To Escalate
Grievance with the servicing office first, then the company’s grievance redressal officer, then IRDAI through Bima Bharosa, then the Insurance Ombudsman. The current monetary limit for compensation awards stands at ₹50 Lakh as per the Insurance Ombudsman Rules, 2017.
Frequently Asked Questions
Is New India Assurance a government company?
Yes. New India Assurance is a government company, majority-owned by the Government of India with a minority stake listed on the Indian stock exchange. IRDAI’s solvency and policyholder protection rules apply to it exactly as they apply to every private insurer, and those are what protect a policyholder.
What is New India Assurance's claim settlement ratio?
Bharti AXA General Insurance was acquired by ICICI Lombard in 2021 and is no longer a separate IRDAI-registered insurer. Policies it issued remain fully valid and are now serviced by ICICI Lombard on their original terms. Use the policy number printed on your original Bharti AXA General document when raising a claim or contacting ICICI Lombard for redressal. IRDAI’s current Bima Bharosa complaint portal directs users with complaints against Bharti AXA General Insurance Co. Ltd. to select ICICI Lombard General Insurance Co. Ltd.
Which is the largest general insurance company in India?
The New India Assurance Company is the largest general insurer in India by gross direct premium, ahead of every private insurer. Largest by premium does not mean best for a given buyer, since claim experience, servicing speed and network coverage vary by product line and by city.
Does New India Assurance operate outside India?
New India Assurance operates in several countries outside India and is the only Indian general insurer with a substantial overseas book. That international presence dates back decades and distinguishes it from every private Indian insurer.
How do I contact New India Assurance for a claim?
Contact the New India Assurance office that services your policy, which is named on the policy document, or use the central customer care number and website. Claim handling is branch-led rather than app-led, so the servicing office is usually the fastest route for a query or a complaint.
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