National Insurance Corporation Limited (NIC) is a leading provider of insurance and risk management services in Uganda. Established by an Act of Parliament in 1964, NIC has a rich history of servicing the needs of our Government and private sector clients.
IGI, the new core investor in NIC, is the largest private sector insurer and the fastest growing insurance company in Nigeria with 2003 premium income in excess of USD$35 million (UShs 60.7 Billion). Established in 1992, IGI is an international operator with strong financial capacity an proven competence and expertise in Life and Pensions and Special Risks businesses. IGI has a reputation for exceptional competence in the delivery of customer-centric services and product innovation. Its Authorized and Paid-up Share Capital at N1 Billion (USD 7.5Million) and N636.5 Million (USD4.7 Million) respectively are the highest in 2004 after the government-owned NICON Insurance Plc. IGI’s clientele includes major oil companies operating in Nigeria, Banks, Governments and public institutions and up-market corporate organizations and individuals seeking premium financial and risk management services.
NIC, a highly capitalized insurance company licensed to underwrite all classes of insurance, has been a major provider of first class cover against the major risks in the Ugandan economy for the past 40 years. The objective of NIC is to be the leading and most-trusted insurance company in Uganda and East African sub-region. NIC is the biggest Life operator in Uganda with an enviable pedigree of service excellence, a superior customer care culture and top-drawer international business contacts. Its personalized services and prompt claims payment tradition have endeared NIC to discerning customers in Uganda and the entire East African region. Our countrywide branch network enables us to give personalized and prompt services to our clients throughout Uganda.
The new NIC that has emerged from the majority acquisition by IGI is strongly positioned to offer a broader range of insurance and risk management services. The new NIC will offer clients more responsive customer service, increased financial stability, innovative new products and services, prompt payment of genuine claims, and much more. The rich history of NIC, coupled with the proven management and technical capabilities of IGI, will help ensure our success as we continue to surpass the expectations of our customers.
Indeed, the accumulated experience of NIC management and staff, along with the able leadership of our distinguished Board of Directors, will enable NIC to continue to design and implement sophisticated insurance programmes that are truly responsive to the needs of our customers.
Our aim is to merge the core competencies and capabilities of IGI and NIC to provide professional and customer-focused service to all our clients, whatever their size and needs.