New India Assurance Car Insurance Claim Ratio

Overview of New India Assurance

New India Assurance, one of the leading car insurance companies in India, is a government owned corporation that was established in 1919. It is a wholly owned subsidiary of the General Insurance Corporation of India (GIC) and is the leading provider of non-life insurance services in the country. New India Assurance is a global leader in the field of motor insurance and has a presence in over 28 countries in the world. It provides a wide range of products and services, ranging from car insurance to health insurance. New India Assurance is an ISO certified company and has an excellent track record of providing reliable and quality services to its customers.

New India Assurance Car Insurance Claim Ratio

New India Assurance is one of the leading car insurance companies in India, and its claim ratio is quite impressive. According to the latest data, the company has a claim ratio of 93.31% in the financial year 2020-21. This means that the company has paid out claims worth 93.31% of the total premiums collected in the same period. This is considerably higher than the industry average, which is around 85%. This is a clear indication of the company's commitment to providing the best service to its customers.

What Does a High Claim Ratio Mean?

A high claim ratio indicates that the company is reliable and trustworthy. It shows that the company is efficient in providing the services it promises. A high claim ratio also indicates that the company is able to pay out claims quickly and efficiently. This is important because it helps to ensure customer satisfaction and loyalty. As a result, customers are more likely to choose New India Assurance for their car insurance needs.

Why Should You Choose New India Assurance?

New India Assurance provides a wide range of car insurance products, including comprehensive and third party insurance plans. It also offers a range of discounts and benefits to its customers. Furthermore, the company has an excellent customer service team that is available 24/7 to answer customer queries and resolve customer issues. Additionally, the company provides an online portal that makes it easy to purchase and manage car insurance policies.

Conclusion

New India Assurance is one of the leading car insurance companies in India and its claim ratio is quite impressive. The company has a claim ratio of 93.31% in the financial year 2020-21. This is considerably higher than the industry average, which is around 85%. This is a clear indication of the company's commitment to providing the best service to its customers. New India Assurance provides a wide range of car insurance products, offers discounts and benefits, has an excellent customer service team and provides an online portal for easy management of policies. Therefore, customers should consider New India Assurance for their car insurance needs.