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 7thAugust
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 42799 million rupees (4279.9 crores rupees) in the financial year
2008-2009.
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.
National Insurance is the second largest non life
insurer in India having a large market presence in Northern and Eastern India.
The steady growth in premium income has been commensurately
matched by profits over the years. As of March 2009, NIC's general reserve
stood at 13080.5 million rupees
(1308.05 crores rupees) with a net worth of 5015.97 million rupees (501.59
crores rupees) signaling strong financial fundamentals. No wonder
than that NIC has been accorded “AAA/STABLE”
financial strength rating by CRISIL rating agency, which reflects the
highest financial strength to meet policyholders’ obligations.
