National Insurance Company

From Wikipedia, the free encyclopedia
Jump to: navigation, search
National Insurance Company Limited
Public sector
Industry Insurance, Financial services
Predecessor Rajesh Agrawal
Founded 1906
Headquarters West Bengal, Kolkata, India
Area served
South Asia
Key people
K Sanath Kumar
Products Insurance
Total assets 88.67 billion (US$1.4 billion)
Owner Government of India
Number of employees
approx. 16000
Website 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[edit]

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[edit]

National Insurance Company Limited was incorporated on 6 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 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 personnels, 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 1 billion. Starting off with a premium base of 50 crores in 1974, NIC's gross direct premium income has steadily grown to about 90 billion 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 61 billion during the Financial Year 2010–2011. And Gross Premium grew up to 100 billion 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 4 billion to outsource the company's information technology requirements over 7 years.[10]

Products and services[edit]

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

  • 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 project, construction, contracts, fire, equipment loss, theft, etc.
  • Commercial Insurance policies provide protection against loss and damage of property during transportation, transactions, etc.

Awards and Accolades[edit]

  • National Insurance has been recognised as one of India's Premium Brands by The Economic Times. The Symbol of Excellence certificate has been awarded to NIC at a felicitation ceremony at Mumbai on 10 February 2017. The NIC is the backbone of indian insurance which plays a great role in helping the people across all areas.

Recent Activities[edit]

  • National Insurance lately associated as Insurance Partner of the 2017 edition of the prestigious Statesman Classic and Vintage Car Rally, which was held at the Fort William grounds in Kolkata on Sunday, 29 January. As a special gesture, NIC also felicitated with a participating vintage car make 1906 Renault, the same year as the Incorporation of our company.
  • Shri K Sanath kumar, CMD, National Insurance addressed the "Bengal Global Business Summit" at Milan Mela, Kolkata on 21 January 2017 as Guest of Honour. He also inaugurated the model of the state of art International Convention Center and launched the magazine "Future Cities" during the event.
  • NIC has been selected to serve the 9 districts in the State of West Bengal covering approx 2.5 million families under the Swasthya Sathi scheme of the WB Government. The policy was launched by the Hon'ble Chief Minister of West Bengal at a function in Kolkata on 30 December 2016.

References[edit]

  1. ^ a b "Company Profile". NICL. Retrieved 10 August 2011. 
  2. ^ Company Profile
  3. ^ Products & Services
  4. ^ http://164.100.24.208/ls/committeeR/finance/25.pdf
  5. ^ "NIC ties up with Nainital Bank". The Hindu. 13 April 2004. 
  6. ^ : CRISIL Ratings :
  7. ^ CRISIL | Company Factsheet
  8. ^ a b {{cite web|url=http://www.irda.gov.in/ADMINCMS/cms/Uploadedfiles/IRDA%20May%20Online%20Issue.pdf%7Ctitle=IRDA Journal|publisher=Insurance Regulatory and Development Authority|date=May 2011|accessdate=17 August 2011}}
  9. ^ "HCL Technologies Ltd.". Economic Times. Retrieved 17 August 2011. 
  10. ^ "Policies". NICL. Retrieved 17 August 2011. 
  11. ^ National Insurance Company Ltd – National Insurance India, Profile Of National Insurance Company Ltd