National Insurance Company Limited is the most experienced and profoundly the oldest non-life insurance company of India. National Insurance Company is one of the four Public sector undertaking general insurance company of India. National Insurance is the premier general insurance company to ideate and come up with customized general insurance plans and is very well-known for its customer-oriented services.
To promote the Swadeshi change and national purpose of Swaraj, the National Insurance Company (NIC) was established in Kolkata on 5th December, 1906 and worked as a subsidiary of General Insurance Corporation of India. In 1972, NIC was nationalised and it is now entirely owned by the Government of India. Even following 111 years of its establishment, NIC still reaches out as a precursor non-life insurance provider.
The insurance company administers more than 80 insurance services for individuals, family, spokespeople of small and medium enterprises and companies of various industries, organisations, underpinning companies and financial groups.
In 2015, the highest market share of India’s motor insurance market was with National Insurance Company. The insurance company has been reckoned with the following awards :
National Insurance Company has attributed a rating of B++ by A.M. best implying a good financial strength and also ranked as an issuer credit grade of “bbb+.
In 2017-2018, National Insurance claim settlement ratio was :