National Insurance

What National Insurance does

National Insurance Company (NIC) is a publicly listed Palestinian general insurer founded in 1992 and operating since March 1, 1993, headquartered in Al-Bireh/Ramallah on the Palestine Stock Exchange under ticker NIC. The company distributes more than 30 insurance products across motor (compulsory, third-party, comprehensive), health, travel, home, personal accident, and corporate lines, along with a first-of-its-kind physical damage product covering Palestinian vehicles against settler attacks and occupation forces. Distribution is branch-led: NIC operates more than 15 physical branches and offices spanning every Palestinian governorate (including Hebron, Jerusalem, Bethlehem, Nablus, Jenin, Gaza, Tulkarm, Jericho, Salfit, Qalqilya, Halhul, Dura, and Birzeit), supplemented by a producer/agent network and a digital channel (online applications, electronic insurance calculator, and corporate portal accessible at nic-pal.com).

The revenue model is premium-based and recurring across standard insurance lines (motor, health, travel, home, personal accident), with bundled offerings (e.g., a Comprehensive package at USD 200/year for USD 100,000 home coverage plus accident and travel) and pay-as-you-go for travel. NIC is rated 'A' (excellent) for financial solvency by the Palestine Capital Market Authority — the top domestic rating. It holds a wholly owned health subsidiary (NatHealth – Palestine) providing an integrated medical network and NatHealth card, and has a joint venture interest in Mada Insurance Company in Egypt. Recorded financial performance for 2024 was USD 3 million net profit (the highest in the Palestinian insurance market) following a USD 1 million loss in 2021 that triggered an operational restructuring. Underwriting exposure is demonstrated by an USD 8 million-plus fire incident (the largest in Palestine's history) and a USD 3 million claim paid to The National Bank (TNB) — the largest single compensation in the Palestinian market.

Name

National Insurance

Legal name

National Insurance Company

Website

https://nic-pal.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

101–250 employees

Short description

National Insurance Company (NIC) is a publicly listed Palestinian general insurer (PEX: NIC), founded 1992, offering 30+ motor, health, travel, home, accident, and corporate insurance products across all Palestinian governorates via 15+ branches, a producer network, and digital channels.

Ownership category

akta.pro rank

Product category

Insurance Services

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Health and Medical Insurance Carriers (524114), Insurance Carriers (5241)

SIC

Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321), Insurance Carriers, Nec (6399)

akta.pro primary industry

Personal Auto Insurance (FSAJAMAA)

akta.pro secondary industries

Travel & Accident (Non-Life) Insurance (FSAJAMAN), General Liability Insurance (FSAJAMAE)

Keywords

• Motor vehicle insurance
• Health insurance services
• Travel insurance coverage
• Property and casualty insurance
• Personal accident insurance

Headquarters

HQ city

Ramallah

Offices15 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Property and Casualty Insurance: Motor vehicle insurance including compulsory, third-party, and comprehensive coverage; general insurance for properties and businesses
2. Health Insurance: Individual and family health insurance with coverage up to 100% of treatment costs, supported by extensive medical network
3. Travel Insurance: Travel insurance covering medical emergencies, trip cancellation, baggage loss with coverage up to $50,000
4. Personal Accident Insurance: Coverage for accidental death, total or partial disability, and medical expenses with annual premiums starting at $50
5. Home Insurance: Protection against fire, earthquakes, theft, water damage for residential properties
6. Settler Attacks and Occupation Forces Insurance: Unique coverage for physical damage to Palestinian vehicles from settler attacks and occupation forces, first of its kind in Palestinian market

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

National Insurance Company sells more than 30 insurance products to individuals and corporate clients across Palestine, including motor vehicle insurance (compulsory, third-party, and comprehensive), health insurance, travel insurance, home insurance, personal accident insurance, and specialized coverage such as the unique first-of-its-kind Settler Attacks and Occupation Forces Insurance. Policies are distributed through an extensive branch network, insurance producers, an online platform, and a dedicated corporate portal.

Product overview

National Insurance Company (NIC) is a Palestinian insurance provider established in 1992, offering a comprehensive portfolio of insurance products. The core offerings include Cars Insurance, Health Insurance, and Travel Insurance, complemented by General Insurances such as Home Insurance and Personal Accident Insurance. The company distinguishes itself through specialized products like the unique Settler Attacks and Occupation Forces Insurance, the first of its kind in the Palestinian market. Additionally, the company offers bundled products like Comprehensive Insurance Coverage combining home, personal accident, and travel coverage in a single package. Services are delivered through a network of branches, offices, and agents across Palestine, with digital channels for online applications and quote calculations.

Differentiator

Problem solved

Functional benefit

Products and services

• Cars Insurance Vehicle insurance providing compulsory, third-party liability (up to 500,000 shekels), and comprehensive coverage for cars.
• Health Insurance Individual and family health insurance covering up to 100% of treatment and medical bills, with access to a wide medical network via the NatHealth card.
• Travel Insurance Travel insurance covering medical expenses up to $50,000 for emergencies, trip cancellation, flight delays, baggage loss or delay, with 24/7 assistance.
• Home Insurance Insurance for residential properties protecting against fire, lightning, explosion, water damage, storms, theft, vehicle collisions, earthquakes, and floods.
• Personal Accident Insurance Coverage for sudden and violent accidents including death, total or partial disability compensation, and medical expenses, with coverage up to $50,000 and annual premiums starting at $50.
• Comprehensive Insurance Coverage Bundled insurance program combining home insurance ($100,000 coverage for $200 annually), personal accident insurance ($50,000), and travel insurance (2 trips of 15 days each).
• Settler Attacks and Occupation Forces Insurance First-of-its-kind insurance in the Palestinian market covering physical damage to Palestinian vehicles from settler attacks and occupation forces, supported by the Wall and Settlement Resistance Authority's documentation process.
• Corporate Insurance Services Specialized insurance services for businesses and institutions covering property, contents, employees, and third-party liability, with custom coverage tailored to organizational needs.
• Individual Insurance Services Flexible insurance coverage for individuals including cars, health, travel, home, and personal accident insurance tailored to personal requirements.

Quantifiable outcome

• Largest compensation paid in Palestinian insurance market: USD 3 million to National Bank
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Wall and Settlement Resistance AuthoritycoreStrategic or Co-development Partner · 1 January 2024Cooperation agreement for insurance service covering physical damage to Palestinian vehicles from settler attacks and occupation forces. The Authority provides documentation and reporting of attacks needed for insurance claims processing. This is a first-of-its-kind product in the Palestinian insurance market.
• Holy Family Hospital (French) in BethlehemcoreTechnology or Integration · 1 January 2024Long-term insurance agreement providing health insurance coverage for hospital services. Holy Family Hospital is a healthcare provider integrated into National Insurance's medical network for policyholder care.
• Mada Insurance Company (Egypt)minorStrategic or Co-development PartnerNational Insurance participated in the establishment of Mada Insurance Company in Egypt, expanding reach to neighboring countries in the Arab region.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Trust International Insurance Company: Palestinian multi-line insurer competing head-to-head with NIC in motor, health, and general insurance across the same governorates. Closest comparable on product mix and distribution model.
• Palestine Insurance Company: One of the other early Palestinian insurance carriers operating in the same multi-line P&C and health market. Directly comparable on geography, customer base (West Bank/Gaza individuals and corporates), and product categories (motor, health, property).
• Al-Quds Insurance Company: Palestinian insurance carrier offering similar P&C and life/health lines. Comparable on domicile, customer segments (individuals and corporate), and reliance on a multi-branch distribution network.
• Palestinian Islamic Insurance Company (PIIC): Takaful-style Palestinian insurer operating in the same regulatory environment with overlapping product lines (motor, health, property). Comparable on market position and Palestine-only geographic footprint.

Broad incumbents

• GIG Gulf (Gulf Insurance Group): Large MENA P&C and health insurance group operating across the GCC. Comparable as a broader incumbent with multi-line underwriting, regional scale, and stronger digital infrastructure — a benchmark for NIC's next-stage scale ambition.
• Bupa Arabia for Cooperative Insurance: Leading health insurance carrier in Saudi Arabia, jointly owned by Bupa and Nazer Group. Comparable as a regional health-insurance specialist, with NIC's NatHealth subsidiary pursuing a similar focused health strategy in Palestine.
• AXA Cooperative Insurance Company (Saudi Arabia): Saudi-listed cooperative insurer affiliated with global AXA brand, offering motor, health, and P&C lines. Comparable as a broad multi-line incumbent competing for the same regional corporate and retail customer profile NIC serves at smaller scale.

Regional players

• Arab Insurance Group (ARIG): Regional MENA insurance group headquartered in Bahrain with historical ties to Palestinian and Arab shareholders. Comparable as a regional multi-line carrier that underwrites similar P&C and health risks in adjacent markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nic_pal

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 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