National Insurance Company Limited (NICL) is a central public sector undertaking under the

ownership Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...

Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Eco ...

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

. It is headquartered at

Kolkata Kolkata (, or , ; also known as Calcutta , the official name until 2001) is the capital of the Indian state of West Bengal, on the eastern bank of the Hooghly River west of the border with Bangladesh. It is the primary business, comme ...

and was established in 1906 by Gordhandas Dutia and Jeevan Das Dutia. National Insurance company and Asian Insurance company was nationalised in 1972. Its portfolio consists of a multitude of general insurance policies, offered to a wide arena of clients encompassing different sectors of the economy. Apart from being a leading insurance provider in

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

, NICL also serves in

Nepal Nepal (; ne, नेपाल ), formerly the Federal Democratic Republic of Nepal ( ne, सङ्घीय लोकतान्त्रिक गणतन्त्र नेपाल ), is a landlocked country in South Asia. It is mai ...

History

After nationalisation in 1972, NICL operated as a subsidiary of

General Insurance Corporation of India General Insurance Corporation of India Limited abbreviated as GIC Re is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. It was incorporated on 22 November 1972 under Companies Act, 1956. GIC ...

(GIC). National Insurance Company Limited 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 The Nainital Bank Limited (NTB) (known as Nainital Bank) (Kumaoni: नैनताल बैंक) is a scheduled commercial bank founded in 1922. The bank is a wholly owned subsidiary of Bank of Baroda which is under the ownership of Ministry ...

for distribution of its general insurance products through the bank's branches in

Uttarakhand Uttarakhand ( , or ; , ), also known as Uttaranchal ( ; the official name until 2007), is a state in the northern part of India. It is often referred to as the "Devbhumi" (literally 'Land of the Gods') due to its religious significance and ...

Haryana Haryana (; ) is an Indian state located in the northern part of the country. It was carved out of the former state of East Punjab on 1 Nov 1966 on a linguistic basis. It is ranked 21st in terms of area, with less than 1.4% () of India's land ar ...

and

New Delhi New Delhi (, , ''Naī Dillī'') is the capital of India and a part of the National Capital Territory of Delhi (NCT). New Delhi is the seat of all three branches of the government of India, hosting the Rashtrapati Bhavan, Parliament House ...

Company profile

National Insurance Company Limited was incorporated on 5 December 1906 with its registered office in

. 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 1 billion. Starting off with a premium base of 50 crores in 1974, NIC's gross direct premium income has steadily grown to about 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 CRISIL (formerly ''Credit Rating Information Services of India Limited'') is an Indian analytical company providing ratings, research, and risk and policy advisory services and is a subsidiary of American company S&P Global. CRISIL, was the f ...

, a subsidiary of

Standard and Poor's S&P Global Ratings (previously Standard & Poor's and informally known as S&P) is an American credit rating agency (CRA) and a division of S&P Global that publishes financial research and analysis on stocks, bonds, and commodities. S&P is consi ...

Company. The gross premiums from underwriting by the company grew by 32.22% to over 61 billion during the

Financial Year A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many j ...

2010–2011. And Gross Premium grew up to 100 billion during the financial year 2013–2014. With this, the company was ranked second among general insurance companies operating in India, behind

New India Assurance The New India Assurance Co. Ltd., is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. It is based in Mumbai, Maharashtra. "It is the largest nationalised general insurance company of India ...

, at the end of the 2014 Financial Year. With about 2000 offices and approximately 11,000 employees and many more agents, the company operates in all of India, and neighbouring

. In 2008, the company signed a deal with

HCL Technologies HCLTech (formerly Hindustan Computers Limited or HCL Technologies) is an Indian multinational information technology (IT) services and consulting company headquartered in Noida.It emerged as an independent company in 1991 when HCL entered into ...

worth almost 4 billion to outsource the company's information technology requirements over 7 years. On the 2nd of February 2018, the

announced the merger of

National Insurance Company Limited National Insurance Company Limited (NICL) is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. It is headquartered at Kolkata and was established in 1906 by Gordhandas Dutia and Jeevan Das Du ...

with

United India Insurance Company United India Insurance Company is a central public sector undertaking under the ownership of Ministry of Finance, & Government of India. Its headquarters is located in Chennai, India, and was incorporated on 18 February 1938. The company was ...

and

Oriental Insurance The Oriental Insurance Company Ltd. is a central public sector undertaking under the ownership of Ministry of Finance, Government of India. The headquarters is present in New Delhi. It has 29 regional offices and more than 1500 active branches ...

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 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

{{Authority control Financial services companies established in 1906 Companies based in Kolkata General insurance companies of India Government-owned insurance companies of India Companies nationalised by the Government of India Indian companies established in 1906