NEW INDIA ASSURANCE CO. LTD: GROWTH STORY AND ITS COMPETITIVE STATUS IN NON-LIFE GENERAL INSURANCE SECTOR IN THE GLOBALISED WORLD

Saumitra Sawant; Aparna Ger

doi:10.55955/210005

Authors

Dr. Saumitra Sushil Sawant Sydenham College of Commerce & Economics
Dr. Aparna Sanjay Ger University of Mumbai https://orcid.org/0000-0002-0085-7165

DOI:

https://doi.org/10.55955/210005

Keywords:

Non-life insurance, New India assurance Co. Ltd., Globalization

Abstract

New India Assurance a Market leader in the Indian general insurance sector, with 100 years of operations. There were a total of 4 non-life insurance companies in India, but only one of them, New India Assurance, turned a profit and rose to the top of the non-life market. The main goal of the study is to understand how New India Assurance Company managed to outperform other government insurance companies in the face of setbacks. In 2000, the Indian government liberalised the insurance industry, increasing competition by allowing many foreign and private insurance companies to operate there. The research focuses on the factors that have kept New India Assurance Company at the top of the market even after the liberalisation and privatization of the insurance sector. For the purpose of the research, secondary data were gathered from a number of annual reports and the websites of the New India Assurance Company.

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