National Insurance Corporation

National Insurance Company Limited was incorporated in Pakistanon 31st March 2000 as an unquoted public limited company under the Companies Ordinance 1984 through NIC (Reorganization) Ordinance 2000.  

Major Objectives of National Insurance Company Limited 

• To provide insurance cover to the Government/Semi Government organizations at economical cost.
• To reduce outflow of foreign exchange by reducing dependence on reinsurance abroad
• To make significant contributions to public exchequer by payment of taxes & dividends.
• To make prudent investments in public as well as private sector in order to obtain maximum returns.  

FUNCTIONS 

• Functions of National Insurance Company Limited
• The major function of the Company is to insure public properties
• To build sufficient reserves to increase risk retention capacity
• To insure properties other than public properties as and when directed by the Federal Government
• To advise the Government Departments on issue of risk management to adequately protect their assets at minimum cost
• To transfer surplus funds after meeting all management expenses, to the government exchequer  

OWNERSHIP 

Initially it was named as National Insurance Corporation formed in the year 1976 through NIC Act 1976. The National Insurance Company Limited is 100% owned by Government of Pakistan (GOP) and working under the administrative control of Ministryof Commerce (MOC). Authorized Capital of Company is Rs. 6 Billion and Paid up Capital of Rs. 2 Billion divided into 200 million shares of Rs. 10 each. Being NBFI, Securities and Exchange Commission of Pakistan (SECP) is the regulator of NICL. 

PRINCIPAL BUSINESS 

The National Insurance Company Limited is providing general insurance coverage to the State Owned Moveable and Immoveable Assets belonging to Federal & Provisional Government, Local Authorities and Statutory Corporations. 

 Insurance coverage is being provided in the following areas:  

•  Fire and Property Damage 
• Aviation Hull
•  Marine Hull 
•  Marine Cargo
• Credit Risk and Surety ship
• Motor
• Liability
• Workers’ Compensation » 
• Accident and Health
• Engineering / Miscellaneous
• Agri Loans (New)

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