October 25, 2014 1:54 PM ET

Insurance

Company Overview of National Insurance Company Limited

Company Overview

National Insurance Company Limited provides insurance coverage to public properties. Its insurance coverage include terrorism risk cover for property, energy risk, aviation, construction/erection phase, contractors risks, erection all risks, operational phase, machinery breakdown, boiler and pressure vessel, computer all risk, insurance bonds, travel, crops, cash in transit and safe, workmen compensation/employers liability, public liability, and fidelity guarantee. The company also provides insurance coverage in the areas of fire, air traveler, director’s and officer’s liability, banker’s policy, plate glass, credit guarantee hire purchase cover, marine cargo insurance, marine hull insuranc...

NICL Building

Abbasi Shaheed Road

Karachi,  74400

Pakistan

Founded in 1955

Phone:

92 21 111 642 642

Fax:

92 21 920 2754

Key Executives for National Insurance Company Limited

Executive Director of Operations and Company Secretary
General Manager
Executive Director of CS
Compensation as of Fiscal Year 2014.

National Insurance Company Limited Key Developments

CCoP To Announce New Menu Of Privatization

The current PPP government decided to take Pakistan Steel Mills and PIA off the privatization. The Cabinet Committee on Privatization (CCoP) approved a new menu of privatization based on public private partnership (PPP) with transfer of management control and 26% shares of 21 state owned enterprises (SOEs).The new policy also envisages transfer of 12% shares of all SOEs to the workers of these entities. CCoP has not fixed any timelines or targets for the completion of privatization process of the said SOEs and these would be taken to market when feasible. According to the Minister for Privatization, CCoP has approved privatization of four electric supply companies Faisalabad Electric Supply Company Limited, Quetta Electric Supply Company Ltd., Hyderabad Electric Supply Company Ltd. and Peshawar Electric Supply Company Limited. Besides, National Insurance Company Limited, Pakistan Reinsurance Company Ltd. (KASE:PAKRI) and State Life Insurance Corporation of Pakistan Ltd will also be privatized. The approval has also been granted to the privatization of SME Bank Ltd., National Power Construction Corporation (Pvt) Limited, Pakistan Railways, Heavy Electrical Complex (Pvt.) Ltd., Pakistan Machine Tool Factory (Pvt) Ltd., The Pakistan Tourism Development Corporation, Utility Stores Corporation of Pakistan, Pakistan Post Office Department and Kot Addu Power Co. Ltd. (KASE:KAPCO). Similarly, Privatization of Pakistan Post would be based on PPP model and this important organization would be converted into a Post Office Bank after privatization. The Cabinet Committee on Privatization (CCoP) approved leasing out of Thermal Power Stations of Jamshoro Power Company Limited.

Pakistan Privatization Commission To Privatize 71 Companies

The Privatization Commission has formally prepared a list of 71 Public Sector Entities (PSEs) for divestment on fast-track basis subject to reaffirmation by the Council of Common Interests (CCI) of its approved privatization programme. The list includes banks, insurance companies, energy sector companies Pakistan International Airlines Corporation (KASE:PIAA), National Fertilizer Company (NFC) and Pakistan Steel Mills (PSM), sources close to Finance Minister told Business Recorder. The proposed list of companies in banking and finance , fertilizers, engineering and automobiles includes Pakistan Engineering Company Limited (KASE:PECO), Habib Bank Limited (KASE:HBL), National Bank of Pakistan (KASE:NBP), Allied Bank Limited (KASE:ABL), United Bank Ltd. (KASE:UBL), Pakistan Steel Mills Corporation (Pvt.) Ltd., Pakistan Reinsurance Company Ltd. (KASE:PAKRI), Morafco Industries Ltd., National Investment Trust Limited, State Life Insurance Corporation of Pakistan Ltd, First Women Bank Ltd., House Building Finance Corp., Pakistan Machine Tool Factory (Pvt) Ltd., Sindh Engineering Ltd., National Fertilizer Corporation of Pakistan (Private) Limited, Pakistan Steel Fabricating Company Limited, State Engineering Corporation, SME Bank Ltd., National Insurance Company Limited, National Construction Limited, Republic Motors (Pvt.) Limited and Heavy Electrical Complex (Pvt.) Ltd.

Pakistan May Privatize Companies

Privatisation Commission of Pakistan is known to be planning privatization of companies. The government has allotted INR79.2 billion under external receipts from privatisation proceeds. A person close to the matter stated that that the Privatisation Commission could offer stakes in State Life Insurance Corporation of Pakistan Ltd, Pak Arab Refinery Limited, National Insurance Company Limited, Islamabad Electric Supply Company Limited and Faisalabad Electric Supply Company Limited.

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