National Insurance Company

What National Insurance Company does

National Insurance Company Limited (NICL) is a Pakistani state-owned general insurer incorporated on 31 March 2000 under the Companies Ordinance 1984 via the NIC (Reorganization) Ordinance 2000. It underwrites general insurance exclusively for the public sector — federal and provincial governments, statutory corporations, and local authorities — covering motor, fire, marine (cargo and hull), engineering, aviation, crop, miscellaneous, and travel risks for state-owned movable and immovable assets. Named clients include OGDCL, NBP, PARCO, PTV, PNSC, and PIA, and product distribution flows through a direct-to-government model served by regional zonal offices in Karachi (headquarters), Islamabad, Lahore, Quetta, and Hyderabad, plus an international office at DIFC, Dubai.

The company monetizes through recurring, quote-based annual insurance premiums negotiated with government counterparties, supplemented by investment returns on the underwriting float. Operational technology is conventional for the sector: an Enterprise Resource Planning (ERP) platform, an in-progress IFRS-17 Insurance Contracts implementation, and an Employee Self-Service Portal; pricing is not publicly disclosed and varies by line and counterparty. NICL wholly owns Civic Center Company (CCC), acquired in February 2005 for PKR 358.56 million, which provides property and facility management services, including for the NICL Building in Islamabad and the Services International Hotel in Lahore.

NICL reported record premium underwritten of PKR 15.5 billion+ by November 2021 (approximately 50% growth from PKR 10 billion in 2019, with a stated PKR 20 billion full-year target) and approximately PKR 4.5 billion in investment profit — described as the all-time highest in Pakistan's general insurance industry for 2021. The Government of Pakistan is the sole owner; the company is an unquoted public limited company with no exchange listing, and board appointments are reviewed by the Cabinet Committee on State-Owned Enterprises under SECP oversight. Current CEO Khalid Hamid was appointed in April 2021.

Name

National Insurance Company

Legal name

National Insurance Company Limited

Website

https://nicl.com.pk

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Short description

National Insurance Company Limited (NICL) is a Pakistan state-owned general insurer, incorporated in 2000, that underwrites motor, fire, marine, engineering, aviation, crop, and travel insurance exclusively for federal and provincial governments, statutory corporations, and local authorities across Pakistan and a Dubai office.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Commercial Package / Business Owners Policies (BOP) (FSAJAMAG)

akta.pro secondary industry

Marine & Aviation Insurance (FSAJAMAI)

Keywords

• General insurance
• Government asset insurance
• Motor insurance
• Marine cargo insurance
• Aviation insurance

Headquarters

HQ city

Karachi

HQ country

Pakistan

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premium Revenue: NICL generates revenue through underwriting general insurance policies for government-owned assets, providing coverage including motor, fire, marine, engineering, aviation, crop, and miscellaneous insurance to federal, provincial, and local government entities and statutory corporations.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

National Insurance Company Limited (NICL) underwrites general insurance coverage for state-owned movable and immovable assets in Pakistan. The company provides nine core product lines — aviation, engineering, fire, marine hull, marine cargo, motor, miscellaneous, crop, and travel insurance — exclusively to Federal and Provincial Governments, Local Authorities, and Statutory Corporations.

Product overview

National Insurance Company Limited (NICL) is a Pakistani government-owned general insurance provider offering a portfolio of nine core insurance products: Aviation Insurance, Engineering Insurance, Fire Insurance, Marine Hull Insurance, Marine Cargo Insurance, Motor Insurance, Miscellaneous Insurance, Crop Insurance, and Travel Insurance. The company specializes in providing general insurance coverage to state-owned movable and immovable assets belonging to the Federal and Provincial Governments, Local Authorities, and Statutory Corporations in Pakistan. NICL operates exclusively for the public sector.

Differentiator

Problem solved

Functional benefit

Products and services

• Aviation Insurance

Quantifiable outcome

• Achieved Rs 15.5 billion+ premium underwritten by November 2021, first time exceeding Rs 15 billion target before year-end
• +2 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Civic Center Company (CCC)coreOthers · 1 February 2005NICL acquired 100% share capital of Civic Center Company (CCC) in February 2005 for Rs 358.56 million. CCC owns multiple properties including Head Office and Regional Office in Islamabad, Service International Hotel in Lahore, and Larkana Awami Markaz Building. CCC provides facility management services for NICL Building, Islamabad.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• IGI General Insurance: Pakistani general insurer offering diversified P&C lines including motor, fire, marine, and engineering. Comparable to NICL as a multi-line Pakistani general insurer targeting corporate and institutional clients.
• Adamjee Insurance Company: One of Pakistan's oldest and largest general insurers with diversified lines including aviation, marine, engineering, fire, and motor. Comparable to NICL on product breadth and Pakistani-market underwriting footprint.
• EFU General Insurance: Pakistan's largest private general insurer offering motor, fire, marine, engineering, and aviation lines to commercial and corporate clients. Closest functional peer to NICL given overlapping product portfolio and direct competition for Pakistani general insurance accounts.
• Jubilee General Insurance: Established Pakistani general insurer with a comparable multi-line product portfolio (motor, fire, marine, engineering). Directly comparable in scale, product mix, and customer overlap with Pakistani government-linked corporates.
• Askari Insurance Company: Pakistan general insurer with multi-line P&C offerings including motor, fire, marine, and engineering. Comparable to NICL on product mix and institutional customer base in Pakistan.

Emerging players

• TPL Insurance: Emerging Pakistani general insurer with growing motor and non-motor lines. Comparable as a Pakistani P&C competitor targeting digital and commercial segments, though smaller and earlier-stage than NICL.

Regional players

• National Insurance Company Limited (India): Indian state-owned general insurer providing multi-line P&C coverage. Highly comparable as a South Asian government-owned general insurer with similar portfolio breadth and public-sector mandate, though operating in India rather than Pakistan.

Broad incumbents

• Pakistan Reinsurance Company: State-owned national reinsurer of Pakistan, providing reinsurance capacity across general insurance lines. Comparable as a state-owned participant in Pakistan's general insurance value chain, though operating one layer upstream of NICL.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/niclpak
• Facebookfacebook.com/niclpak
• LinkedInlinkedin.com/company/niclpakistan

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

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