The vision of NIC General Insurance Company Limited (NIC General) is to be the preferred provider of insurance, risk management and financial services.
Create, preserve and protect wealth.
Teamwork, Reliability, Innovation, Integrity, Passion
NIC General is a wholly owned subsidiary of National Insurance Corporation Limited (NIC). NIC General was incorporated on 3rd March, 2014 and took over the general insurance businesses of NIC in compliance with the legal requirement for separation of insurance businesses under the Insurance (Amendment) Act.
NIC (now NIC Holdings Limited) was established in 1964 as a wholly owned Government parastatal and the leading provider of insurance and financial services in Uganda. In 2005, NIC was privatized with the continental insurance giant, Industrial and General Insurance Plc (IGI) acquiring majority (60%) stake through its special purpose vehicle, Corporate Holdings Limited. IGI, core investor in NIC, is the largest private sector insurer and the fastest growing insurance company in Nigeria, with premium income in excess of USD$230 million. IGI is an insurance giant with presence in Ghana, Gambia, Uganda, Rwanda, Europe and America; IGI has increased its profits every year of its operation and has paid dividends for 14 consecutive years.
NIC transformed into a wholly privately owned insurance company after a successful Initial Public Offer (IPO) and subsequent listing on the Uganda Securities exchange (USE); thus becoming the first local and only local insurance Company to be listed on the Uganda Stock Exchange.
NIC has been restructured and rebranded into an insurance group of choice in a major corporate refocusing initiative in compliance with Insurance (Amendment) Act.
Claims Payment History
In 2006, NIC paid UGX13 billion, being the largest claim in the Ugandan insurance industry, to the Government of Uganda on the loss of the crashed M1-172 Presidential Helicopter and as compensation to the beneficiaries of the deceased crew and passengers in the helicopter. In 2010, NIC paid over UGX8.2 billion in compensation of the Uganda Police helicopter which crashed in Bugiri and followed up with the payment of UGX10billion to Makerere University in part settlement of the Makerere University Deposit Administration Plan (DAP). Within the period the insurance group has settled countless other claims thereby endearing the group to the financially literate public who understand the values of prompt claims settlement.