National Insurance Company

What National Insurance Company does

National Insurance Company Berhad (NICB) is the market-leading general insurance provider in Brunei Darussalam, incorporated in 1969 and operating as a privately held insurer with approximately 163 shareholders. The company offers 19 insurance products across two segments: Personal Insurance (8 products including motor, travel, home, accident, domestic helper, fire, and golfer coverage) and Business Insurance (11 products including contractors all risk, commercial vehicle, public liability, labour bond, marine cargo, fire, performance bond, money, workmen's compensation, employees package, and burglary). NICB generates revenue primarily through recurring insurance premiums on annual subscription policies, with pricing ranging from B$25 entry-level travel coverage to multi-year commercial bonds priced at 3.5–5% of guarantee value.

The company distributes through a multi-channel network comprising two owned offices (headquarters in Bandar Seri Begawan and a branch in Kuala Belait), over 20 insurance agencies across Brunei, and embedded service counters at Baiduri Finance Berhad, the Land Transport Department, and the Labour Department. Strategic equity partners include Allianz Global Corporate & Specialty (25%), Baiduri Holdings (10%), Mitsui Sumitomo/MSIG (5%), and Sumber Mulia Holdings (24%), with 70% of share capital held by Brunei nationals. NICB holds ISO 9001:2015 certification (re-certified May 2017) and provides cross-border coverage extending to Sabah, Sarawak, and Labuan in Malaysia.

The business operates on a traditional general insurance model: underwriting and claims processing on core insurance systems, with no disclosed AI/ML capabilities, mobile applications, or API integrations beyond a single third-party medical assistance partnership with International SOS. Recent strategic activity has centered on launching a Comprehensive Medical Insurance Coverage plan for foreign national visa categories (2025) and sustaining agent-network engagement through annual recognition events.

Name

National Insurance Company

Legal name

National Insurance Company Berhad

Website

https://national.com.bn

Company type

Private

Founded year

1969

Operating status

Operating

Short description

National Insurance Company Berhad is Brunei's market-leading general insurer, offering 19 personal and business insurance products distributed through 20+ agents, owned offices, and government/bank service counters since 1969.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Insurance Carriers and Related Activities (524)

SIC

Fire, Marine & Casualty Insurance (6331), Surety Insurance (6351)

akta.pro primary industry

Technology / IT Services BOP (FSAJAFAK)

akta.pro secondary industry

Construction Specialty (Wrap-Ups/Builders Risk/Contractors) (FSAJAGAH)

Keywords

• General insurance products
• Personal insurance coverage
• Business insurance solutions
• Motor vehicle insurance
• Travel insurance plans

Headquarters

HQ city

Bandar Seri Begawan

HQ country

Brunei

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Insurance Premiums: The company generates revenue primarily through insurance premiums collected from policyholders. Premiums are collected for various insurance products including motor, travel, property, accident, fire, and business insurance. The revenue model operates on a subscription-like recurring basis as policies are typically renewed annually.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

National Insurance Company Berhad (NICB) is a general insurance provider in Brunei Darussalam offering a comprehensive portfolio of Personal Insurance (motor, travel, home, accident, domestic helper, golf, fire) and Business Insurance (contractors' all risk, commercial vehicle, public liability, marine cargo, fire, performance bond, workmen's compensation, money, burglary) products. The company also provides claims processing services across motor, travel, workmen compensation, property, golfer, and other categories.

Product overview

National Insurance Company Berhad is a general insurance company in Brunei Darussalam offering a comprehensive portfolio of Personal Insurance and Business Insurance products. The Personal Insurance portfolio includes 8 core products: Domestic Helper Protector, National Accident Protector, Senior Accident Protector, Golfer Protector, National Home Protector, Fire Protector, Travel Protector (with Silver/Gold/Platinum tiers), and Private Motor Vehicle Protector. The Business Insurance portfolio includes 11 products: Contractors' All Risk, Commercial Vehicle Protector, Public Liability Protector, Labour Bond, Marine Cargo Protector, Fire Protector, Performance Bond, Money Protector, Workmen's Compensation Protector, Employees Package Protector, and Burglary. The company also provides claims processing services for Motor, Travel, Workmen Compensation, Property, Golfer Protector, and Other claims. The product architecture follows a modular approach where customers can select individual policies or combine multiple coverages. The company operates through a network of agents and authorized workshops/towing services.

Differentiator

Problem solved

Functional benefit

Products and services

• Domestic Helper Protector 24-hour protection for domestic workers (amah, gardener, driver) against death, accident and illness, including workmen's compensation, hospital and surgical, and repatriation expenses. Available as Foreign Worker Package (B$245/year) and Local Worker Package (B$80/year).
• National Accident Protector Personal accident coverage against injuries, death or permanent disablement caused by violent, accidental, external and visible events. Includes medical expenses, repatriation, and double indemnity on public transport. Plans available by occupation category with weekly benefits.
• Senior Accident Protector Accidental medical and disability coverage designed for individuals aged 55 to 75, covering death and permanent disability, medical reimbursement, repatriation, and daily hospital income. Includes Silver Plan with $50,000 personal accident cover.
• Golfer Protector Golf insurance covering personal liability, loss or damage to golf equipment, accidental club breakage (platinum plan), personal effects, and hole-in-one celebration expenses.
• National Home Protector Home insurance covering building and/or contents, personal effects, personal and family liability up to B$500,000, domestic workers' compensation, and free fatal accident cover.
• Fire Protector (Personal) Private property fire protection covering loss and damage from fire, lightning, and additional perils including windstorm, flood, riots, and malicious damage.
• Travel Protector Travel insurance providing cover against personal accident, medical expenses, travel-related losses, interruption or accidents. Available as Single Journey or Annual plan with Silver, Gold, and Platinum tiers and optional COVID-19 coverage. Asia single trip starts from B$25.
• Private Motor Vehicle Protector Motor insurance covering financial loss due to fire, theft and physical damage to vehicles, and third party liabilities. Available as Comprehensive or Third Party cover with 24/7 towing and roadside assistance.
• Contractors' All Risk Construction insurance providing protection during the contract period against loss or damage to property including construction materials and third party liability for accidental bodily injury or property damage.
• Commercial Vehicle Protector Fleet and commercial vehicle protection covering financial loss due to fire, theft and physical damage to vehicles, as well as third party liability coverage.
• Public Liability Protector Protects business legal liability to third parties as a result of accidents in connection with business operations, covering bodily injury, illness, and property damage.
• Labour Bond Guarantee required by Labour Department as security deposit for employment of foreign workers. Available as Labour Guarantee (bank-issued) or Insurance Guarantee (JITPA). Premium rate of 3.5% to 5% of guarantee amount.
• Marine Cargo Protector In-transit protection for cargo via air, sea and land against loss or damage. Offers Institute Cargo Clauses (A), (B), and (C) coverage options.
• Fire Protector (Business) Commercial property fire protection covering loss and damage from fire, lightning, and additional perils including earthquakes, hurricanes, floods, riots, and malicious damage.
• Performance Bond Guarantees contractor performance in fulfilling contractual obligations as required by the Principal. In event of default, Principal is paid the guaranteed amount.
• Money Protector Protection against loss or theft of money during funds transfer from business premises to bank, or while held at business premises. Covers robbery, fraud, and employee dishonesty.
• Workmen's Compensation Protector Mandatory coverage under Brunei Workmen's Compensation Act Chapter 74, protecting employees against accidental injury and illness arising from employment.
• Employees Package Protector Comprehensive employee protection covering injury, personal accident, medical expenses, repatriation, daily hospital income, and hospital and surgical expenses.
• Burglary Commercial protection against loss arising from theft and damage to commercial property, covering forcible and violent entry into premises.
• Comprehensive Medical Insurance Coverage for Foreign Nationals Comprehensive medical insurance coverage plan designed for foreign nationals in Brunei, including domestic helpers, social visa holders, and professional and business visa holders. Coverage type dependent on visa category.

Quantifiable outcome

• ISO 9001:2015 certification achieved on 22nd May 2017

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Allianz General Insurance Malaysia: Malaysian arm of Allianz (25% shareholder of NICB). Provides general insurance products across Malaysia and the broader region, sharing corporate parentage and operating in adjacent markets.
• MSIG Insurance (Malaysia): Malaysian arm of Mitsui Sumitomo Insurance Group (a 5% shareholder of NICB). Competes in Southeast Asian general insurance markets and shares corporate parentage with one of NICB's strategic shareholders.
• AXA Affin General Insurance: Major Malaysian general insurer providing motor, property, and commercial insurance products comparable to NICB's offerings, operating in the same Southeast Asian regional insurance ecosystem.
• Tokio Marine Insurance Malaysia: Malaysia operations of Tokyo Marine Holdings, a global insurance group. Provides general insurance products including motor and property across Southeast Asia, competing in adjacent regional markets.
• AIG Malaysia Insurance: Malaysian arm of AIG providing commercial and personal general insurance products across Southeast Asia. Operates as a broad incumbent in the regional insurance market adjacent to NICB.
• Etiqa General Insurance: One of Malaysia's largest general insurers, part of Maybank Group. Provides motor, fire, and personal insurance products comparable to NICB's, and operates in markets (Sabah, Sarawak, Labuan) where NICB's coverage extends.

Regional players

• Pacific Insurance Berhad: Malaysian general insurer offering motor, fire, and personal insurance products. Operates in markets adjacent to where NICB's coverage extends (Sabah, Sarawak), providing regional competitive context.

Direct peers

• Takaful Brunei Darussalam: Brunei's leading takaful (Islamic insurance) provider offering family and general takaful products. Directly competes with NICB in Brunei's insurance market, particularly among Muslim-majority customer segments.
• Standard Insurance (SIB) Brunei: A Brunei-incorporated general insurance carrier directly competing with NICB across motor, fire, marine, and personal insurance lines in Brunei's small general insurance market.
• Baiduri Insurance Services: Insurance arm of Baiduri Holdings (a 10% shareholder of NICB). Operates in Brunei's insurance market, creating both partnership and competitive overlap with NICB's offerings.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Insurance Company