National Insurance DefinitionSource(Google.com.pk)
National Insurance Company Limited (NICL) is one of the largest and fastest growing general insurance companies in India. The company headquartered at Kolkata was established in 1906, and nationalised in 1972.
After nationalisation in 1972, NICL operated as a subsidiary of General Insurance Corporation of India (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 Limited was incorporated in December 5, 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 an independant insurance company wholly owned by Govt of India. 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 customised policies ensure that even specialised insurance requirements are fully taken care of.
The payed-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.
The gross premiums from underwriting by the company grew by 32.22% to over 6,100 crores 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 neighbouring Nepal.
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.
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.
The company received the Best Auto Insurer 2010 award from J. D. Power and Associates in the Asia Pacific for customer satisfaction.The criteria evaluated for the award included interaction, claims, product/policy offerings, renewal/purchase process, billing/payment process and premium/price.