National Insurance Company Limited
Encyclopedia
National Insurance Company Limited (NICL) is one of the largest and fastest growing general insurance
companies in India
. The company headquartered Kolkata
was established in 1906, and nationalized in 1972.
(GIC).
NICL was spun off as a distinct company under the General Insurance Business (Nationalisation) Amendment Act in 2002. 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.
National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 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 customized policies ensure that even specialized insurance requirements are fully taken care of.
The paid-up share capital of National is Rs.100 crores. Starting off with a premium base of 500 million rupees (50 crores rupees) in 1974, NIC's gross direct premium income has steadily grown to 6116 crores rupees in the financial year 2010-11.
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.
The gross premiums from underwriting by the company grew by 32.22% to over INR
61 Billion during the Financial Year 2010-2011. With this, the company was ranked third among general insurance companies operating in India, behind New India Assurance
and United India Insurance Company Limited
, at the end of the 2011 Financial Year.
With about 1000 offices and 16,000 employees and agents, the company operates in all of India, and neighboring Nepal
.
In 2008, the company signed a deal with HCL Technologies
worth almost INR 4 Billion to outsource the company’s information technology
requirements over 7 years.
General insurance
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that is not determined to be life insurance. It is called property and...
companies in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
. The company headquartered Kolkata
Kolkata
Kolkata , formerly known as Calcutta, is the capital of the Indian state of West Bengal. Located on the east bank of the Hooghly River, it was the commercial capital of East India...
was established in 1906, and nationalized in 1972.
History
After nationalization in 1972, NICL operated as a subsidiary of General Insurance Corporation of IndiaGeneral Insurance Corporation of India
General Insurance Corporation of India is the sole reinsurance company in the Indian insurance market with over three decades of experience.GIC has its registered office and headquarters in Mumbai.-History:...
(GIC).
NICL was spun off as a distinct company under the General Insurance Business (Nationalisation) Amendment Act in 2002. In April, 2004, NIC signed an agreement with Nainital Bank
Nainital Bank
The Nainital Bank Limited is a private Indian bank, established in 1954. Based in Nainital, over the years, the bank has expanded to Uttar Pradesh and especially in Uttarakhand State, and has over 100 branches in Rajasthan, Delhi and Haryana states...
for distribution of its general insurance products through the bank's branches in Uttarakhand, Haryana and New Delhi.
Company Profile
National Insurance Company Limited was incorporated in 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 amalgamated 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 (Nationalisation) Amendment Act, on 7th August 2002, National has been de-linked from its holding company GIC and presently operating as a Government of India undertaking.National Insurance Company Ltd (NIC) is one of the leading public sector insurance companies of India, carrying out non life insurance business. Headquartered in Kolkata, NIC's network of about 1000 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 customized policies ensure that even specialized insurance requirements are fully taken care of.
The paid-up share capital of National is Rs.100 crores. Starting off with a premium base of 500 million rupees (50 crores rupees) in 1974, NIC's gross direct premium income has steadily grown to 6116 crores rupees in the financial year 2010-11.
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
CRISIL
Credit Rating and Information Services of India Ltd. a global analytical company providing ratings, research, and risk and policy advisory services....
, a subsidiary of Standard and Poor's Company.
The gross premiums from underwriting by the company grew by 32.22% to over INR
Indian rupee
The Indian rupee is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India....
61 Billion during the Financial Year 2010-2011. With this, the company was ranked third among general insurance companies operating in India, behind New India Assurance
New India Assurance
New India Assurance is currently the largest General Insurance Company in India based in Mumbai. It is one of the five Public Sector insurance companies in India.It was founded by Dorab Tata in 1919.It was nationalized in 1973....
and United India Insurance Company Limited
United India Insurance Company Limited
United India Insurance Company Limited is a leading General Insurance Company of India. The company has more than three decades of experience in Non-life Insurance business. It was formed by the merger of 22 companies, consequent to the nationalisation of General Insurance companies in India...
, at the end of the 2011 Financial Year.
With about 1000 offices and 16,000 employees and agents, the company operates in all of India, and neighboring Nepal
Nepal
Nepal , officially the Federal Democratic Republic of Nepal, is a landlocked sovereign state located in South Asia. It is located in the Himalayas and bordered to the north by the People's Republic of China, and to the south, east, and west by the Republic of India...
.
In 2008, the company signed a deal with HCL Technologies
HCL Technologies
HCL Technologies Limited is a leading global IT services company headquartered in Noida, India. It is primarily engaged in providing a range of software services, business process outsourcing and infrastructure services. HCL Technologies is fourth largest IT company in India and is ranked 48 in...
worth almost INR 4 Billion to outsource the company’s information technology
Information technology
Information technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications...
requirements over 7 years.
Products and services
NICL has a range of coverage policies targeting different sectors:- 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.