National Insurance : The Fastest Growing Insurance Company In

Today, National Insurance Company is the fastest growing company amongst the four subsidiaries of General Insurance Corpn. Of India.

Over the past 25 years the company has seen an increase in manpower and network of offices all over the country. National Insurance Co.Ltd. reaches out to the customers through the 954 offices across the country and two overseas office in Nepal and Hongkong. The company has the manpower strength of 20,165 trained personnel. They are catering to the social and economic needs of all sections of the society by providing wide range of insurance policies to meet every aspect of customers need.

 

With the corporate objectives of development of General Insurance business to the best interest of the community and providing financial security to individuals, trade and commerce by offering insurance products and service of high quality at affordable cost, National Insurance offers the product range of over 162 policies which cover more than 60 lacs policy holders. With high priority to customer needs, high standard of public conduct and transparency in operation, the company has grown steadily over the years.

During the past 25 years National Insurance Co.Ltd. has grown manifold in terms of gross direct premium income, net premium income, investment income and investment portfolio. Head Quartered at Calcutta, the company has been the market leader in the Eastern and Northern regions of India.

Starting with a Gross Direct Premium Income of Rs.42.91 crores on 1.1.1973, the company has recorded a gross direct premium income of Rs.1456.45 crores during 1996-97 with the annual growth rate of 20.64% which is the highest rate amongst four subsidiaries of General Insurance Corpn. Of India, for the 3rd successive year.

The company has achieved a net premium income of Rs.1161.06 crores during 1996-97 with the growth rate of 16.7% against industrys average of 13.1%. This is against a net premium income of Rs.41.21 crores as on 1.1.1973. From an investment portfolio of Rs.44.77 crores in 1.1.1973, the investment portfolio on 31.3.1997 stood at Rs.2109 crores. In the last 25 years the Capital & Fund and Net worth of the company have grown from Rs.40.91 crores and Rs.15.26 crores to Rs.1312 crores and Rs.646 crores, respectively.

The investment income during 1996-97 was Rs.251.59 crores resulting in a net profit before tax during 1996-97 of Rs.102.67 crores. At the end of 1996-97the free reserves and surplus of the company stood at Rs.605.74 crores.

With the co-operation of all sections of the employees the company has been enjoying an excellent industrial relations. This has resulted in better productivity not only in premium income but also in customer service parameters.

To ensure better customer service the company has undertaken extensive computerisation of network of operations resulting in speedy and efficient service. Local Area Network (LAN) and VSAT have been installed ensuring communications across the wide area network and connectivity for e-mail communications.

The company has dedicated the Citizens Charter to the national with commitments of prompt and efficient services to the Insuring Public. As a commitment to customers satisfaction, May I help You counters have been set up at our offices to ensure that our customers receive prompt attention.