All You Need to Know about India’s Oldest General Insurer National Insuranceby kumar rahul Best Insurance Deals
The oldest general Insurance Company National Insurance Company Limited was established way back in the year of 1906. After the nationalization in 1972, National Insurance Corporation got combined with 11 Indian companies and 21 foreign companies. It started to operate as one of the 4 subsidiaries of General Insurance Corporation in India. Headquarter of National Insurance Company Limited is located in Kolkata.
Achievements of National Insurance
Being one of the leading general insurance companies in India, National Insurance Corporation boasts several achievements. It is the first ever general insurance company in India to come up with customized insurance products for both corporate and rural sectors. The Company has set up Techno Marketing Project Cells for corporate sector and Farmers Package Policy for rural sector. National Insurance is also the first company to make tie-ups with Maruti which is India’s biggest automobile manufacturer and Hero Moto Corp which is India’s largest two wheeler manufacturer. With these collaborations, National Insurance has taken the service delivery of motor insurance in India to a new level of excellence. National Insurance Company Limited is also the first general insurer to introduce Bancassurance in India. By collaborating with leading banks in India, National Insurance Company initiated Bancassurance in India.
Current position of National Insurance
Over the years, National Insurance went from strength to strength. Apart from operating in India, National Insurance has also extended its operation in the country of Nepal. At present, around 16,000 employees operate from approximately 2000 offices all over India. With the advent of internet, National Insurance online policy is also available on National Insurance website. Apart from National Insurance website, consumers can also avail National Insurance online policy from IRDAI registered brokers’ portals. In India’s general insurance market, motor insurance has the lion’s share and National Insurance Corporation boasts maximum market share in the domain of motor insurance in India.
Financial strength of National Insurance Company Limited
In terms of GDWP or Gross Domestic Written Premium, National Insurance Company holds the second position in general insurance sector in India. It is the leading general insurer in both North and East zone. Premium of National Insurance was Rs. 11,282.64 crore in the financial year of 2015. The recorded PBT of the company was Rs. 1196.74 crore in 2015 compared to Rs. 1007.82 crore in the previous year. National Insurance’s income from invest rose to Rs. 2654 crore in 2015 from Rs. 2263 crore in the previous year. A dividend of the company to National Exchequer also increased to Rs. 194 crore in the year of 2015 from Rs. 165 crore in 2013-14.
Ratings of National Insurance Corporation
This esteemed general insurer received an impressive B++ rating for its financial strength and bbb+ rating for its user credit rating from a reputed rating agency A.M Best. These ratings indicate the company’s consistent performance in investment, capitalization which is adjusted to risks and robust presence in India’s general insurance market.
Created on Nov 5th 2018 05:07. Viewed 1,180 times.