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The National Insurance Company Ltd was founded in 1906. The company has its headquarters in Kolkata.
After the General Insurance Business Nationalization Act became active in 1972, 11 Indian insurers and 21 global agencies had been merged into it.
The insurer, therefore, had become part of the Global Insurance Corporation of India (GIC), which was fully owned by the government of India.
After the notification of the General Insurance Business and its General Insurance Company(Nationalisation) Amendment Act, on 7 August 2002, National Insurance has parted away from the GIC and had become an independent insurance company wholly owned by Govt of India.
National Insurance Company limited is one of topmost insurance provider in the public domain in India.It’s headquartered at Kolkata with over 2000 offices spread across the country throuout urban, rural and metropolitan areas.
The company has over 16,000 employees managing its different offices. Its overseas operations are managed from its Nepal office.
It has over 14 million customers and offers in excess of two hundred insurance products to cater to their various requirements. NIC offers wide range of products for covering different risks.
The paid up capital of NIC is Rs. 100 crores and its gross premium grew upto 10,000 crores during FY 2013-14. The broad sectors that the company operates in include:
- Overseas trade
- Information technology
- Power, oil, and strength
- Area studies
It’s also the second-biggest company of non-life insurance products and services in India with a global presence.
All its offices and branches are connected through the internet and this makes accessing the products and policies easier for the customer.
The insurer additionally has tied up with the top banks, state governments, and corporate entities of India.
It has set zonal advisory committees that reveal the employer’s progress and ‘may also include customer centers at numerous regional workplaces and head offices. Its numerous offices dutifully execute the commitments made in its citizen’s charter.
The NIC has associations with the subsequent entities as a part of the business enterprise’s strategy to market its merchandise:
- Business banks
- Nonbanking, economic institutions
- State governments
- Car makers
National Insurance Organization Ltd Achievements
National Insurance Company Ltd is the fastest growing general insurer in India and the second biggest in the sector. It has been awarded and recognized for the work it has done in the sector by various organizations:
- Business Leadership Award, 2012 by NDTV Profit
- Digital Inclusion Awards 2012,
- Top 100 CISO Awards 2012,
- The Indian Insurance Awards 2013, 3rd Annual Edition, for –
Best Under-served Market Penetration,
Industry Champion – General Insurance – Rajesh Aggarwal, CMD, NICL.
Curated from All you should know about National Insurance Company