National Insurance Company

National Insurance Company Limited
Public sector
Industry General Insurance, Financial services
Founded 1906
Headquarters Kolkata, India
Area served
 South Asia
Key people
 K Sanath Kumar
Products Insurance
Total assets ₹88.67 billion (US$1.3 billion)
Owner Government of India
Number of employees
 approx. 16000
Website www.nationalinsuranceindia.com

National Insurance Company Limited (NICL) is a state owned general insurance company in India. Its catchline is "Trusted Since 1906" in italic. The company headquartered at Kolkata was established in 1906 and nationalised in 1972.[1][2] Its portfolio consists of a multitude of general insurance policies, offered to a wide arena of clients encompassing different sectors of the economy.[3] Apart from being a leading insurance provider in India, NICL also serves Nepal.[4]

History

After nationalisation in 1972, NICL operated as a subsidiary of General Insurance Corporation of India (GIC). National Insurance Company Limited was spun off as a distinct company under the General Insurance Business (Nationalisation) Amendment Act in 2002.[5] In April, 2004, NIC signed an agreement with Nainital Bank for distribution of its general insurance products through the bank's branches in Uttarakhand, Haryana and New Delhi.[6]

Company profile

National Insurance Company Limited was incorporated on December 6, 1906 with its registered office in Kolkata. Consequent to passing of the General Insurance Business Nationalisation Act in 1972, 21 Foreign and 11 Indian Companies were merged with it and National became a subsidiary of General Insurance Corporation of India (GIC) which is fully owned by the Government of India. After the notification of the General Insurance Business and its India's largest General Insurance Company(Nationalisation) Amendment Act, on 7 August 2002, National has been de-linked from its holding company GIC and presently operates as an independent insurance company wholly owned by Govt of India. National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India. It transacts non life insurance business. Headquartered in Kolkata, NIC's network of about 2000 offices, manned by more than 16,000 skilled personnel, is spread over the length and breadth of the country covering remote rural areas, townships and metropolitan cities. NIC's foreign operations are carried out from its branch offices in Nepal. Befittingly, the product ranges, of more than 200 policies offered by NIC cater to the diverse insurance requirements of its 14 million policyholders. Innovative and customised policies ensure that even specialised insurance requirements are fully taken care of. The paid-up share capital of National is ₹100 crores. Starting off with a premium base of ₹50 crores in 1974, NIC's gross direct premium income has steadily grown to about ₹9000 crores rupees in the financial year 2012-13. National transacts general insurance business of Fire, Marine and Miscellaneous insurance. The Company offers protection against a wide range of risks to its customers. The Company is privileged to cater its services to almost every sector or industry in the Indian Economy viz. Banking, Telecom, Aviation, Shipping, Information Technology, Power, Oil & Energy, Agronomy, Plantations, Foreign Trade, Healthcare, Tea, Automobile, Education, Environment, Space Research etc. As of 2010, NICL has a AAA rating from Indian rating agency, CRISIL, a subsidiary of Standard and Poor's Company.[7][8] The gross premiums from underwriting by the company grew by 32.22% to over ₹6,100 crores during the Financial Year 2010-2011. And Gross Premiun grew up to 10,000 crores during the financial year 2013-2014.[9] With this, the company was ranked second among general insurance companies operating in India, behind New India Assurance, at the end of the 2014 Financial Year.[9] With about 1000 offices and 16,000 employees and agents, the company operates in all of India, and neighbouring Nepal.[1] In 2008, the company signed a deal with HCL Technologies worth almost ₹400 crores to outsource the company’s information technology requirements over 7 years.[10]

Products and services

NICL has a range of coverage policies targeting different sectors:[11][12]

Awards

The Enterprise has been the recipient of various awards and accolades including:

Recognitions

References

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