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National insurance company limited


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Presented by
Seetal Daas
US Laar Campus

Published in: Business, Economy & Finance
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National insurance company limited

  1. 1. Presented by; Seetal Daas 2k13/BBA/44 Business Administration Part II University of Sindh Laar Campus Badin
  2. 2. Introduction  Initially it was named as National Insurance Corporation formed in the year 1976.  National Insurance Company Limited is the largest insurance company, was incorporated in Pakistan on 31st March 2000 as an unquoted public limited company under the Companies Ordinance 1984 through NIC(Reorganization )Ordinance 2000.  The National Insurance Company Limited is 100% owned by Government of Pakistan(GOP) and working under the administrative control of Ministry of 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.
  3. 3. Investment
  4. 4. Director of Board  Mr Mushtaq Ahmed Shah(Chairman)  Mr Zubair Ahmed Malik (Director)  Mr Iqbal Inayat Advocate (Director)  Raja Gustasab Khan (Director)  Dr Karim Khawaja Senator (Director)  Mr Habib ud din (Director)
  5. 5. Management  Mr Saeed Aslam Raja (Executive Director)  Mr Nusrat Hussain (Executive Director of operations & Company Secretary )  Mr Saad Shah (Acting Executive Director of Central Zone Multan)  MrTariq Aziz (CIO)  Mr Sanaullah Khan (Zonal Head South Zone)  MrAbid Ali Shah (Zonal Head North Zone)  MrAltaf Madraswlla (General Manager Operations)  MrAamir Qureshi (Chief Manager Administration )  Mr Milandad Rahoojo (General Manager Audit)  Mr Khawer Shaikh (General Manager Real Estate)  Mr Qurban Soomro (Chief Manager Reinsurance)  Mr MuhammadZahoor (Executive Director)  MrAyoub Butt (Executive Director of Regional )  Mr Syed Zahid Hussain (General Manager)
  6. 6. Major Objectives of NICL  To provide insurance cover the Government/Semi Government organization 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 investment in public as well as private sector in order to obtain maximum returns.
  7. 7. Future Plan / Strategy  NICL has successfully launched Agri Loan Insurance with the help of NBP and Bank of Khyber (KOB)  A specialized Institution i.e ZarariTarqiati Bank has not come forward with NICL so for to provide Agri Loan Insurance ,rather preferred to deal with private insurance company.  NICL is also working on launching two new products named as Micro Finance Insurance and Health Insurance .The purpose of both products is to provide coverage to low income and poor people of the country residing in rural areas on payment of nominal premium.  By providing these innovative insurance coverage NICL’s aim is just act upon present Government policies of providing relief protection to the nation.
  8. 8. Insurance coverage is being provided in the following areas  Travel Insurance  Aviation Insurance  Fire Insurance  Marine Hull Insurance  Marine Cargo Insurance  Motor Insurance  Engineering Insurance  Miscellaneous Insurance  Agri/ Crop Insurance (new)
  9. 9. Function of NICL  The major function of the company is to insure public properties.  To build sufficient reserves to increases risk retention capacity.  To insure properties other than public properties as and when directed by the Federal Government.  To advise the Government Dept on issue of risk mgt to adequately their assets at minimum cost.  To transfer surplus funds after meeting all mgt expenses ,to the government exchequer.
  10. 10.  Traveling is fun and exciting ,but sometimes unannounced events can mar your pleasure.  Any unfortunate act including terrorism can strike without warning resulting in hospitalization ,disability and even death .We at NICL are ready to provide you security on such event so that you can spend the time with peace of mind. Who will be covered on visit to Pakistan?  Government Delegates  OfficialTrade Delegates  BusinessTravelers  Tourists How to buy this insurance abroad  Website  After reaching Pakistan Airport walk up to NBP.  Identify yourself ,pay the prescribed premium and collect your policy.  Don ‘t forget to ask fro the claim form along with policy .
  11. 11. The aviation department provides following insurance services to the aviation industry of Pakistan.  Aircraft Hull Insurance  Spares/Spare Engines Insurance  Passenger legal Liability Insurance  General third Party  Cargo Legal Liability Insurance  Loss of License Insurance  PersonalAccident to Crew of Aircraft
  12. 12. Fire Insurance provides comprehensive cover in respect of loss or damage to your;  against property  lightning  riot  strike damage  atmospheric disturbance  earthquake fire  shock explosion  impact damage,  aircraft damage  malicious damage (such as act of terrorism ).
  13. 13. Marine Hull Insurance dept provides cover for ship of all kinds, barges , tugs, dredgers, fishing trawlers, yacht etc.  Ship owners Liability : This insurance covers ship owners liability to cargo by reason of general average ,expenses incurred in saving the property not recoverable from cargo insurers.  Repairs legal Liability: This policy covers liability of repairers in respect of the ships of third parties taken up for repairs.  Ship building Policy: Special Policy to cover ship risks involved in the building of ships.
  14. 14.  Marine Cargo Insurance: Marine cargo Insurance protects all goods while in transit depending upon the needs of a client, as per Marine Institute Cargo clauses whether cargo shipped by sea, air or by land.
  15. 15. a) Construction /Erection Phase Insurance  Contractors all risks (CAR Insurance  Erection all risk (EAR) Insurance  Principals advance loss of profits following EAR & CAR  Machinery Breakdown Insurance  Boiler and PressureVessel Insurance  Computer all risk Insurance  Electronic equipment (EE) Insurance b) Operational Phase Insurance  Principals advance loss of profits following CAR/EAR  Machinery Breakdown Insurance  Boiler and PressureVessel Insurance  Computer all risk Insurance  Electronic equipment (EE) Insurance
  16. 16. Motor Car/CommercialVehicles/Motor Cycle Insurance This Policy is also exclusively for the use of public sector. this policy provides coverage against ;  accidental damage  fire  theft  malicious damage &  strike damage,  damages due to natural calamities and  third party liability arising due to RoadTraffic Act at Common
  17. 17.  Premium of subsistence farmers for five major crops.i.e.Wheat ,Cotton,Surgarcane,Rice and Maze will be reimbursed by the Govt.  NICL has developed comprehensive Agri-Loan Insurance schemes for production ,development and livestock loans.  Insurance policy to NBP was issued on 7th October 2008 covering risk with effect from 15th October 2008. Insurance of NBP Agri Credit to Borrowers Coverage  Production Loans (All Crops)  Development Loans  Livestock loans Additional Coverage  Fire & Lightning ,Theft ,Accidental Death of borrower
  18. 18.  Cash in transit Insurance : provides coverage against loss of money whilst in transit due to forcible ,violent, external and visible means.  Cash/In safe (Burglary cover): Policy provides coverage to cash whilst on premises against loss by theft arising due to actual forcible and violent entry upon the premises.  Workmen compensation/Employers liability Insurance: Policy provides coverage for any legal liabilities of the employers arising out of and in the course of employment as per workman compensation Act, or at Common Law.  Public Liability Insurance: provides coverage against legal liability to pay for death/body injury to any person or direct damage to the property.  Fidelity Guarantee Insurance: provides coverage to the employer of fraud/dishonesty committed by the employee.  Personal Accident(24): provides coverage to a person injury/death caused by accidently by violence due to any external and visible means and provides payment of specified capital benefits following accidental death, permanent total disability ,partial disablement etc.  AirTraveler’s Insurance: Provides coverage to a person his/her beneficiary whilst travelling as a passenger in a duly licensed Aircraft sustains any body injury/death caused by accident.violenlancy.  All Risk Insurance:This policy provides all risk coverage to property against loss/damage due to any accident or misfortune covering mobile phone and laptop in the new era.  Professional Indemnity Insurance: Policy provides liability of the insured firm against any claim arising duet to breach of professional duty as accountant engineering etc.  Banker’s Policy: policy designed for the specific needs of financial Institutions .  PlateGlass insurance: policy provides all risk insurance cover against breakage or destruction of glass due to any accidental means.
  19. 19. Our Clients Pakistan National Shipping Co. Pakistan StateOil PakistanTelevision Network National Savings Organization Oil & Gas Development Co.PK WAPDA National Bank of Pakistan Directorate General Of Defense Purchase Kott Addu Power Company LTD Sui Southern Gas Company Pak-Arab Refinery Limited Utility Store Corporation Of Pakistan Pakistan Petroleum Limited Sui Northern Gas Pipelines LTD Civil Aviation Authority Trading Corporation Of Pakistan
  20. 20. Our Network  Head Office ( Karachi)  South Zone ( Karachi)  Central Zone ( Lahore)  North Zone ( Islamabad)  Hyderabad  Faisalabad  Peshawar  Multan  Sukkur  Quetta  Muzzaffarabad Azad Kashmir  Sahiwal Brach  Bahawalpur Office  Jhang
  21. 21. Recommendation  Company should open branches in towns and districts for providing insurance services and making them insured e.g. ,Golarchi,Talhar, Thatta, Badin respectively.  Company should make an INVERSE POLICY which may facilitate to poor ,students ,disables etc.
  22. 22. You may ask Question now.