The National Insurance Corporation has been converted into National Insurance Company Limited with effect from January 2001 to operate under the Insurance Ordinance 2000. National Insurance Company Limited was incorporated on 31st March and took over National Insurance Corporation with effect from January 01, 2002. The Government's decision to convert it from a Corporation into a limited company was based on the fact that the National Insurance Corporation had, over the years, developed a very strong financial base. A Company could make a more efficient use of this strength. NICL has a paid up capital of Rs 2 billion as compared to NIC which had a paid up capital of Rs 5 million. The change in stature from a statutory corporation to a corporate body is aimed at running this organization on purely commercial lines. NICL has the potential to function like a multinational company and emerge as a role model for the insurance industry of Pakistan.

The Government has appointed a Board of Directors to look after the affairs of the Company. The Company is headed by the Chairman who is also appointed by the Government. The Company functions under the direct guidelines set by the Securities and Exchange Commission of Pakistan according to the Insurance Ordinance 2000 as well as the Ministry of Commerce.

The Chairman is assisted by Executive Directors who are responsible for the smooth functioning of the organization.

National Insurance Company Limited has three zonal offices headed by Chief Managers. Each zone has branch offices to cater to the needs of our clients. Our country wide presence facilitates our company client relationship.
 

Major Objectives of National Insurance Company Limited

• 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.

• 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

National Insurance Company’s market leadership rests on its financial strength and its ability to analyze, price and take complex risks. With a paid up capital of Rs 2 billion it is stronger than any other Pakistani company.