National Insurance Company

2021-08-11T02:25:24Z

2402:3A80:A55:3802:A139:478C:59B7:90D3:

{{Short description|Indian state-owned general insurance company}}
{{Use dmy dates|date=February 2017}}
{{EngvarB|date=February 2017}}
{{Infobox company
| name = National Insurance
Company Limited
| logo = National Insurance Company Limited (logo).jpg
| logo_size = 200px
| type = [[Government of India|Nationalised Insurance Company]]
| traded_as =
| founder = Gordhan Das Dutia
| defunct =
| fate =
| area_served = India and Nepal
| key_people = Suchitha Gupta (Chairman & MD)
| industry = [[Financial services]]
| genre =
| products = {{ubl|[[General insurance]]|[[Vehicle insurance]]|[[Health insurance]]|[[Marine insurance]]|[[Property insurance]]}}
| services =
| revenue = {{increase}} {{INRConvert|14233|c}} (2020)<ref name="BalSheet">{{Cite web|title=National Insurance Company Financial Statements |url=https://nationalinsurance.nic.co.in/sites/default/files/NICL%20Annual%20Report%202017-18.pdf|access-date=14 July 2020|website=nationalinsurance.nic.co.in|language=en}}</ref>
| operating_income = {{decrease}} {{INRConvert|-2935|c}} (2020)<ref name="BalSheet"/>
| net_income = {{decrease}} {{INRConvert|-2170|c}} (2020)<ref name="BalSheet"/>
| aum =
| assets = {{increase}} {{INRConvert|34782|c}} (2020)<ref name="BalSheet"/>
| equity =
| owner = [[Government of India]] (100%)
| num_employees = 10,669
| parent = [[Ministry of Finance (India)|Ministry of Finance]] , [[Government of India]]
| divisions =
| subsid =
| footnotes =
| homepage = {{URL|https://nationalinsurance.nic.co.in}}
| caption =
| foundation = {{Start date and age|1906}}
| location_city = [[Kolkata, West Bengal]]
| location_country = India
| location =
}}
'''National Insurance Company Limited''' (NICL) is an Indian [[Government of India|nationalised general insurance company]]. It is under the [[ownership]] of [[Ministry of Finance (India)|Ministry of Finance]] , [[Government of India]]. Its catchline is ''"Trusted Since 1906"'' in italic. The company headquartered at [[Kolkata]] was established in 1906 by Gordhandas Dutia and Jeevan Das Dutia and National Insurance company and Asian Insurance company was nationalised in 1972.<ref name=nicl-about>{{cite web|url=http://www.nationalinsuranceindia.com/nicWeb/nic/dispComp.jsp|title=Company Profile|publisher=NICL|access-date=10 August 2011}}</ref><ref name=legal>{{cite web|url=http://www.legalindia.in/the-general-insurance-business-nationalisation-act-1972|title=The General Insurance Business (Nationalisation) Act|publisher=Legal India|access-date=10 August 2011}}</ref> Its portfolio consists of a multitude of general insurance policies, offered to a wide arena of clients encompassing different sectors of the economy.<ref>{{Cite web|url=http://www.nationalinsuranceindia.com/nicWeb/nic/dispComp.jsp|title=Company Profile|access-date=7 August 2019}}</ref> Apart from being a leading insurance provider in [[India]], NICL also serves [[Nepal]].<ref name="auto">{{Cite web|url=http://www.iloveindia.com/finance/insurance/companies/national-insurance.html|title=National Insurance Company Ltd - National Insurance India, Profile Of National Insurance Company Ltd|website=www.iloveindia.com|access-date=7 August 2019}}</ref>

==History==
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.<ref>http://164.100.24.208/ls/committeeR/finance/25.pdf</ref> 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]].<ref name=hindnic>{{cite news |title=NIC ties up with Nainital Bank |url=http://www.hindu.com/2004/04/13/stories/2004041303141915.htm |archive-url=https://web.archive.org/web/20040508175630/http://www.hindu.com/2004/04/13/stories/2004041303141915.htm |url-status=dead |archive-date=8 May 2004 |work=[[The Hindu]] |date=13 April 2004 }}</ref>

==Company profile==
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 {{Indian Rupee}}1 billion. Starting off with a premium base of {{Indian Rupee}}50 crores in 1974, NIC's gross direct premium income has steadily grown to about {{Indian Rupee}}160 billion 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.<ref>{{Cite web|url=https://www.crisil.com/Ratings/RatingList/RatingDocs/nicl_28sep10.htm|title=National Insurance Company Ltd|website=www.crisil.com|access-date=7 August 2019}}</ref><ref>{{Cite web|url=https://www.crisil.com/en/home/our-businesses/ratings.html|title=Ratings|website=CRISIL|access-date=7 August 2019}}</ref>
The gross premiums from underwriting by the company grew by 32.22% to over {{Indian Rupee}}61 billion during the [[fiscal year#India|Financial Year]] 2010–2011. And Gross Premium grew up to 100 billion during the financial year 2013–2014.<ref name=irda-journal>{{cite web|url=http://www.irda.gov.in/ADMINCMS/cms/Uploadedfiles/IRDA%20May%20Online%20Issue.pdf|title=IRDA Journal|publisher=Insurance Regulatory and Development Authority|date=May 2011|access-date=17 August 2011}}</ref> 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.<ref name=irda-journal/>
With about 2000 offices and approximately 11,000 employees and many more agents, the company operates in all of India, and neighbouring [[Nepal]].<ref name=nicl-about/>
In 2008, the company signed a deal with [[HCL Technologies]] worth almost {{Indian Rupee}}4 billion to outsource the company's information technology requirements over 7 years.<ref name=et-hcl>{{cite news|url=http://economictimes.indiatimes.com/hcl-technologies-ltd/infocompanyhistory/companyid-4291.cms|title=HCL Technologies Ltd.|publisher=Economic Times|access-date=17 August 2011}}</ref> 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]].<ref>{{Cite web|url=https://www.moneycontrol.com/news/business/economy/budget-2018-merging-3-psu-general-insurers-is-prudent-says-national-insurance-cmd-2497271.html|title=Budget 2018: Merging 3 PSU general insurers is prudent, says National Insurance CMD|website=Moneycontrol|access-date=7 August 2019}}</ref>

==Products and services==
NICL has a range of coverage policies targeting different sectors:<ref name=nicl-prod>{{cite web|url=http://www.nationalinsuranceindia.com/nicWeb/nic/policy.jsp|title=Policies|publisher=NICL|access-date=17 August 2011|url-status=dead|archive-url=https://web.archive.org/web/20111008050914/http://www.nationalinsuranceindia.com/nicWeb/nic/policy.jsp|archive-date=8 October 2011|df=dmy-all}}</ref><ref name="auto"/>
* 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==

{{Reflist}}

{{Insurance in India}}
{{Authority control}}

[[Category:Financial services companies established in 1906]]
[[Category:Companies based in Kolkata]]
[[Category:General insurance companies of India]]
[[Category:Government-owned insurance companies of India]]
[[Category:Companies nationalised by the Government of India]]
[[Category:Indian companies established in 1906]]

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National Insurance Company