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National Insurance Company Reviews

Kolkata, West Bengal

4.3/ 5

3 reviews

National Insurance Company Limited (NICL) is India's oldest public sector general insurance company, wholly owned by the Government of India under the administrative control of the Ministry of Finance. Headquartered in Kolkata, West Bengal, the company was incorporated on December 5, 1906, to fulfill the nationalist aspiration for Swaraj (self-governance). In 1972, following the passage of the General Insurance Business Nationalisation Act, NICL was consolidated by merging with 21 foreign and 11 Indian insurance companies, operating initially as a subsidiary of the General Insurance Corporation of India (GIC). On August 7, 2002, the company was de-linked from GIC to function as an independent, standalone entity. NICL is a premier non-life insurer in India, recognized as the second-largest general insurance provider in terms of gross direct written premiums. The company holds a prominent market presence, particularly in Northern and Eastern India, and stands as the only Public Sector General Insurance Company headquartered in Kolkata. Its extensive operational infrastructure spans the country with a network of around 2,000 offices, a workforce of over 13,000 skilled employees, and a vast network exceeding 50,000 agents. Beyond its robust domestic footprint, NICL operates internationally through foreign branch offices in Nepal, where it has maintained a strong presence for over six decades. The company offers a comprehensive portfolio of over 200 general insurance products designed to cater to diverse segments of the Indian economy. Its primary lines of business include motor vehicle insurance, health insurance (such as the National Mediclaim and Parivar Mediclaim policies), personal accident, property, marine, engineering, and rural insurance covering livestock and agricultural tools. NICL serves critical sectors including banking, telecom, aviation, shipping, information technology, power, agronomy, and space research. NICL has pioneered several customer-centric innovations in the Indian insurance market. It was the first insurer to enter into corporate strategic alliances with major automobile manufacturers like Maruti Suzuki and Hero MotoCorp, significantly altering service delivery for motor insurance. It also pioneered bancassurance in India by forging key distribution partnerships with major commercial banks. Furthermore, the company introduced the "Office on Wheels" initiative to provide doorstep insurance solutions to underserved rural and semi-urban populations. Financially, NICL is recognized for its stable underwriting and strong investment performance, consistently earning top-tier financial strength ratings, including a "AAA/Stable" rating from CRISIL. For the fiscal year 2022-23, the company reported a revenue of INR 17,385 crore and holds total assets valued at over INR 38,896 crore. The company actively participates in implementing major government-sponsored social security and crop insurance schemes. Under the leadership of its Chairman-cum-Managing Director, Rajesh Aggarwal, NICL operates under the official tagline "Trusted Since 1906," emphasizing corporate governance, sustainable growth, and extensive corporate social responsibility (CSR) initiatives focused on education, health, and sanitation.