The New India Assurance Company Limited’s strong financial base and people oriented policies were the reasons why it still is the most successful Insurance company in Fiji.
Established in 1919 by Sir Dorab Tata in Mumbai, India, the company’s presence in Fiji dates back to 1954.
The first branch was established in Suva in 1954, in the early days of economic development of the country.
The second branch was established in Lautoka in 1967 to cater for clients in western part of Fiji.
The Labasa and Nadi branches were later established in 1982 and 1995 respectively.
New India Assurance initially started its operation as a life and general business and in 1956 became an exclusive General Insurance Company.
With a wide range of policies New India Assurance has become the largest non-life insurance company not only in India, but one of the leading insurers in the Afro-Asian region.
The global operations of New India Assurance started as early as 1920 with the establishment of their London office.
Today this highly placed insurance company operates in 28 countries.
New India Assurance is the only General Insurer in Fiji that has been rated ‘A-’ (EXCELLENT) by A.M. Best & Company (Europe) based upon the following factors:
• Superior Capital Position
• Strong Operating Performance
• Strong Market Position.
The New India Assurance Co. Ltd. is now majorly owned by Government of India.
In last more than 60 years, New India has gone from strength to strength serving Fiji and its people through thick and thin,
in their good and bad years meeting their commitment to insuring public with satisfaction in the worst of the Fiji’s period of natural and catastrophic disasters caused by frequent cyclones.
Asset base of NIA Fiji is the highest amongst all insurers in the Fiji market.
The company is backed by its global assets at F$20,436 million.
Net assets after absorbing all liabilities presently stands $58.45 million, which is again the highest.
Solvency surplus stands at 5.73 times higher than statutorily required.
The company underwrites all classes of General Insurance business such as Fire Insurance, Householders Insurance, Motor Insurance, Public Liability, Workmen Compensation, Burglary, Money, etc. and acknowledges the fact that its continued prosperity was due to the goodwill and support which have always been forthcoming from its clientele.
Subhash Mehta is the Chief Operating Officer for Fiji Operations of the Company and is assisted by the Branch Managers Arjun Karwal (Suva & Labasa Branch), Ravi Kumar Soongra (Nadi Branch) and Nawang Tamba (Lautoka Branch).