Background

National Insurance Company Ltd (NIC), a GoI owned non life insurance company, was incorporated in 1906. In 1972, 21 Foreign and 11 Indian companies were amalgamated with the company and subsequently NIC was made a subsidiary of GIC. In 2002, NIC was de-linked from its holding company GIC. The company provides general insurance in the domains of health, motor, fire, marine etc.

Business Profile

NIC provides general insurance for motor vehicles, households & household goods, mediclaim, personal accident, critical illness, education among others. The company also provides insurance cover to those in the commercial line related to their premises and work places and also for work related causalities, breakdown of machineries, goods in marine transit and any loss or damage caused due to burglary or fire among others. Under the social sector, NIC offers insurance cover for loss of life of cattle / livestock and loss or damage to plantation due natural calamities. During FY08, the NPE by the company registered a y-o-y growth of over 9% whereas the claims incurred by the company registered a growth of over 18%.