national insurance company
DESCRIPTION
National Insurance Company-PalestineTRANSCRIPT
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Outlines
About NIC
Financial information
Insurance types
Why NIC
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National Insurance Company
National Insurance Company. was founded in 1992 and registered on 15/3/1992 as a public shareholding company with the Registrar of Companies in the city of Ramallah under license No. 562600353, and got a license to work on 15/2/1993, and started its functioning on the date of 1/3/1993.
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NIC
National Insurance Company. is the largest insurance company licensed under the applicable laws of the Palestinian Authority. Guided by the vision of the board of directors, its primary function is to increase shareholder value by providing a distinctive service to all its customers while maintaining risk based policies and practices.
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NIC Vision and Mission
Vision/- To maximize shareholders value by providing best in class
insurance services thorough product innovation, acting with transparency and integrity with all stakeholders, and being good corporate citizens and pillars in the local community and economy.
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NIC Vision and Mission
Mission/
Developing new products, services, and distribution channels using the latest innovative techniques.
Turning risk into a value, through reliable diversified risk management and solid reinsurance treaties.
Contributing to the development of the national economy and providing job opportunities to the largest number of people through the company investments.
Raising public awareness about insurance.
Maintaining a balance amongst all stakeholders’ interests; shareholders, customers, and employees.
Invest in our staff to raise their quality of service.
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Financial position
Estimated to reach 80,000,000 in 2013
Note/ Numbers in USD
2012 2011
73,432,305 72,879,376 Assets
24,933,948 21,734,321 Owners Equity
+ +
48,498,357 51,145,055 Liabilities
= =
73,432,305 72,879,376 Total OE and L
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NIC investments2012 2011 Company name
12,028 20,701 Loans in local banks
3,659 2,650 Loans in international banks
3,022 2,770 Strategic investments
3,259 3,230 Trading investments in Ps
599 1,115 Trading investments in Jo
1,002 954 Trading investments in SA
1,301 1,269 Trading investments in Qatar
0 286 Trading investments in Eg
145 145 Trading investments in UAE
10,439 6,256 Trading investments in private international side
12,110 9,244 Mortgages
1,607 1,857 Running loans
49,171 50,477 Total
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Profit chart
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120
1
2
3
4
5
6
7
8
0.544 0.68 0.816
3.695
1.1441.53
1.2
3.6
2
3.5
2.4
1.2321.55
1.891
5.721
1.073
3.275 3.31
5.441
7.2
5.207
6.588
profits ready to deviding net profit
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Insurance Types
Vehicles insurance
Fire insurance
Employees insurance
Engineering insurance
Health insurance
Life insurance
VIP insurance
Other insurances
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Vehicles insurance The legal prices for vehicles insurance “ founded by insurance
controller ”
Note/ Numbers in NIS
Types Price per year Paid for the first time
Monthly premium Third party
For 1000CC 905 400From 1001 to 1500 CC 1005 400From 1501 to 2000 CC 1305 400
More than 2000 CC 1655 400
Monthly premium Third party
For 1 ton 1555 750From 1 to 1.6 tons 2005 750
For private vichels
For commercial vichels
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Fire insurance
The comprehensive home insurance
Goods and inventory insurance
Plate glass insurance
Property all risks insurance
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Employees insurance
Price % Includes Title Types
0.50% Businessmen, lawyers, doctors,
…
Administrative and intellectual
jobs
First level
0.75% Engineers, Coaches,…
Oversight functions
Second level
1.25% Jewelry sellers, security guards
Different business
Third level
2.00% Jeweler, Chefs, Municipal workers
Artisanal handicraft
Forth level
3.25% Factories workers
Non artisanal handicraft
Fifth level
5.50% Carpenters, marble workers,
…
Danger works Sixth level
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Engineering insurance
Cargo transport insurance
Contractor’s tools and equipment insurance
Installation Insurance
Shipping Insurance
Insurance on electronic devices
Contractors Insurance
Machines Insurance
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Example/ Contractors Insurance
Deductible Sum insured Insured item
1,000$ from every action
50,000$ Contract work
Material Damage
Section I
Third party liability
Section II
Deductible Limit of indemnity Insured item
500$ 15,000$Bodily injury
Property damage
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Life insurance
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VIP insurance
A new type of insurance that allow to the holder to get a full life insurance till 100% in the following cases:
Accidental death 100%
Total Permanent Disability 100%
Temporary total disability 6 per thousand of the weekly salary
Loss of Both Hands, Both Feet or Sight of Both Eyes, 100%
Losing one eye or one hand or one foot 50%
Loss of all toes of one foot 25%
Loss of thumb 10%
Loss of two toes 5%
Loss of one toe 3%
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Travel Insurance
Medical treatment expenses for emergencies , whether caused by accident or sudden illness and even the amount of U.S. $ 50,000 .
Expenses emergency treatment of tooth pain . $ 300
Expenses transferred or forwarded a person with nearly directly insured facilities in the event of death of the insured or his stay in the hospital for more than 7 days. $ 100
Indemnity canceling a trip $ 1,000
Indemnity the loss of travel bags 40 $ per hour
Indemnity for delay in the arrival of luggage. $ 400 for more than 12 hours
Pay all expenses of searching and rescuing insured up to the amount of U.S. $ 25,000 plus expenses to restore the body of the insured up to $ 20,000 USD .
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Things not covered by insurance
Volcanoes
Earthquakes
Suicide
War
Nuclear Weapons
Injury as a result of diabetes
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Why NIC
NIC started with a capital of 5 Million dollars, and grew to reach 80 Millions in 2013
The integrity score of 260% as the highest score in Palestine
The good relationships which built from a professional group with the customers
The profits of NIC is equal 61% from the insurance companies’ general profits in Palestinian insurance market
Reinsured from/
Hanover reinsurance group TA €258.4 billion
Munich Reinsurance Company TA €54.81 billion
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Thank you for your attention