National Insurance Company Limited
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With its registered office in Kolkata, National Insurance Company Ltd was actualized in the year 1906. As a consequence of the General Insurance Business Nationalization Act of 1972, an amalgamation took place wherein 21 foreign and 11 Indian companies merged into one and with it National Insurance Company became a subsidiary of General Insurance Corporation of India or GIC, which is fully owned by the Government of India. However, followed by the notification of the General Insurance Business Amendment Act on 7th August 2002, the insurance company has been de-associated from its holding company GIC to presently operate as a Government of India Undertaking. National Insurance Company Ltd is considered to be carrying out one of the leading non life insurance businesses, headquartered in Kolkata. With its network of about 1000 offices and with manpower of more than 16000 skilled professionals, NIC is spread over a considerable length and width of the country including rural areas, townships, and metropolitan cities. Its foreign operations are being carried out from its branch offices located in Nepal.
It is wonderfully catering to a wide range of its clients and customers of around 14 million policy holders with its diverse product ranges of more than 200 policies in offing, to meet and provide solution to varied insurance requirements. It has its paid-up share capital of Rs 100 crores and initiated off with a premium base of 500 million rupees in 2974. Since then its gross direct premium has gradually went up and ahead to 4021.9 crores rupees in the financial year 2007-2008. The company deals with the transaction of general insurance business of Fire, Marine and Miscellaneous insurance. Apart from this, its customers are privileged to enjoy offers form the company to protect against a wide range of risks.
The company is well-equipped with expertise and efficiency that enable it to cater to almost every sectors on industry in the Indian economy which include Banking, Aviation, Power, Oil and Energy, Telecom, Shipping, Information technology, Agronomy, Foreign Trade, Plantations, Automobile, Tea , Education, Space Research and Environment etc. National Insurance’s large market presence in Northern and Eastern India, has readily converted it to second largest non-life insurance company in India. Its steady and consistent growth along with increase in premium income and profit rise has commensurately contributed towards its popularity, reliance and reputation in the field. The gamut of insurance services that it provides caters to diverse customers’ and clients’ needs.