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National Insurance Company

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National Insurance Company Limited
Company typeCentral Public Sector Undertaking
IndustryInsurance
Founded1906; 118 years ago (1906)
FounderGordhan Das Dutia
Headquarters
Kolkata, West Bengal
,
India
Area served
India and Nepal
Key people
Rajeshwari Singh Muni (Chairman & MD) [1]
Products
RevenueIncrease ₹17,385 crore (US$2.1 billion) (2022-23)[2]
Decrease ₹−1,887 crore (US$−230 million) (2022-23)[2]
Decrease ₹−3,865 crore (US$−460 million) (2022-23)[2]
Total assetsDecrease ₹38,896 crore (US$4.7 billion) (2022-23)[2]
OwnerMinistry of Finance, Government of India.
Number of employees
8,630 (2022-23)[2]
Websitenationalinsurance.nic.co.in

National Insurance Company Limited (NICL) is an Indian public sector insurance company owned by the Government of India and administered by the Ministry of Finance. It is headquartered at Kolkata and was established in 1906 by Gordhandas Dutia and Jeevan Das Dutia. National Insurance company and Asian Insurance company was nationalised in 1972.[3][4] Its portfolio consists of a multitude of general insurance policies, offered to a wide arena of clients encompassing different sectors of the economy.[5] Apart from being a leading insurance provider in India, NICL also serves in Nepal.[6]

History

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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.[7] 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.[8]

Company profile

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National Insurance Company Limited was incorporated on 5 December 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 public sector insurance companies of India. It transacts a non-life insurance business. Headquartered in Kolkata, NIC's network of about 2000 offices is spread over the country. NIC's foreign operations are carried out from its branch offices in Nepal. 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 ₹16,000 crores rupees in the financial year 2017–18. National transacts general insurance business of Fire, Marine and Miscellaneous insurance. As of 2010, NICL has a AAA rating from Indian rating agency, CRISIL, a subsidiary of Standard and Poor's Company.[9][10] The gross premiums from underwriting by the company grew by 32.22% to over ₹6100 crore during the Financial Year 2010–2011. And Gross Premium grew up to 10,000 crore during the financial year 2013–2014.[11] 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.[11] With about 2000 offices and approximately 11,000 employees and many more agents, the company operates in all of India, and neighbouring Nepal.[3] In 2008, the company signed a deal with HCL Technologies worth almost ₹400 crore to outsource the company's information technology requirements over 7 years.[12] On the 2nd of February 2018, the Government of India announced the merger of National Insurance Company Limited with United India Insurance Company and Oriental Insurance.[13]

Products and services

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NICL has a range of coverage policies targeting different sectors:[14][6]

  • Personal Insurance policies include medical insurance, accident, property and auto insurance coverage
  • Rural Insurance policies provide protection against natural and climatic disasters for agriculture and rural businesses
  • Industrial Insurance policies provide coverage for the project, construction, contracts, fire, equipment loss, theft, etc.
  • Commercial Insurance policies provide protection against loss and damage of property during transportation, transactions, etc.

References

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  1. ^ "Corporate Management Profile of National Insurance".
  2. ^ a b c d e "National Insurance Company Financial Statements" (PDF). nationalinsurance.nic.co.in. Retrieved 14 July 2023.
  3. ^ a b "Company Profile". NICL. Archived from the original on 11 November 2011. Retrieved 10 August 2011.
  4. ^ "Company Profile". Archived from the original on 11 November 2011. Retrieved 7 August 2019.
  5. ^ a b "National Insurance Company Ltd - National Insurance India, Profile Of National Insurance Company Ltd". www.iloveindia.com. Retrieved 7 August 2019.
  6. ^ http://164.100.24.208/ls/committeeR/finance/25.pdf [bare URL PDF]
  7. ^ "NIC ties up with Nainital Bank". The Hindu. 13 April 2004. Archived from the original on 8 May 2004.
  8. ^ "National Insurance Company Ltd". www.crisil.com. Retrieved 7 August 2019.
  9. ^ "Ratings". CRISIL. Retrieved 7 August 2019.
  10. ^ a b "IRDA Journal" (PDF). Insurance Regulatory and Development Authority. May 2011. Retrieved 17 August 2011.
  11. ^ "HCL Technologies Ltd". Economic Times. Retrieved 17 August 2011.
  12. ^ "Budget 2018: Merging 3 PSU general insurers is prudent, says National Insurance CMD". Moneycontrol. Retrieved 7 August 2019.
  13. ^ "Policies". NICL. Archived from the original on 8 October 2011. Retrieved 17 August 2011.
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