Page 130 - DMGT512_FINANCIAL_INSTITUTIONS_AND_SERVICES

Unit 8: Insurance Sector

Banking, Telecom, Aviation, Shipping, Information Technology, Power, Oil & Energy, Notes
Agronomy, Plantations, Foreign Trade, Healthcare, Tea, Automobile, Education,
Environment, Space Research etc.
National Insurance is the second largest non life insurer in India having a large market
presence in Northern and Eastern India.

NIC has been accorded "AAA/STABLE" financial strength rating by CRISIL rating agency,
which reflects the highest financial strength to meet policyholders' obligations.
5. The New India Assurance Co. Ltd. : Established by Sir Dorab Tata in 1919, New India is the
first fully Indian owned insurance company in India.
New India was a pioneer among the Indian Companies on various fronts, right from
insuring the first domestic airlines in 1946 to satellite insurance in 1980. The latest addition
to the list of firsts is the insurance of the INSAT-2E.
With a wide range of policies New India has become one of the largest non-life insurance
companies, not only in India, but also in the Afro-Asian region. It offers personal, industrial,
commercial, liability and social insurance.

6. Oriental Insurance Company Ltd : The Oriental Insurance Company Ltd was incorporated
at Bombay on 12th September 1947. The Company was a wholly owned subsidiary of the
Oriental Government Security Life Assurance Company Ltd and was formed to carry out
General Insurance business. The Company was a subsidiary of Life Insurance Corporation
of India from 1956 to 1973 (till the General Insurance Business was nationalized in the
country). In 2003 all shares of our company held by the General Insurance Corporation of
India has been transferred to Central Government.
The Company is a pioneer in laying down systems for smooth and orderly conduct of the
business. The strength of the company lies in its highly trained and motivated work force
that covers various disciplines and has vast expertise. Oriental specializes in devising
special covers for large projects like power plants, petrochemical, steel and chemical
plants. The company has developed various types of insurance covers to cater to the needs
of both the urban and rural population of India. The Company has a highly technically
qualified and competent team of professionals to render the best customer service.
Its main objective is to contribute to the socio economic objectives of the nation by being
a vibrant and viable organization catering to the growing insurance needs of the
community. Towards this end we will strive for effective management of business
operations.
7. Reliance General Insurance: Reliance General Insurance is one of India's leading private
general insurance companies with over 94 customized insurance products catering to the
corporate, SME and individual customers. The Company has launched innovative products
like India's first Over-The-Counter health & home insurance policies. Reliance General
Insurance has an extended network of over 200 offices spread across 173 cities in 22 states,
a wide distribution channel network, 24x7 customer service assistance and a full fledged
website. It is also India's first insurance company to be awarded the ISO 9001:2000
certification across all functions, processes, products and locations pan-India.

8. Royal Sundaram Alliance Insurance Co. Ltd : It deals in accident, car, family, home,
health, hospital and travel insurance.
9. Tata AIG General Insurance Company Limited (Tata AIG General): Tata AIG General is a
joint venture company, formed by the Tata Group and American International Group, Inc.
(AIG). Tata AIG General combines the Tata Group's pre-eminent leadership position in

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