ISLAMABAD: The National Insurance Company Limited (NICL) has bought 10 assets worth Rs 3978.799 million out of proceeds of public money since 1989.
Six units of office sizes with different spaces in Dubai International Financial Center (DIFC) have also been bought with 74,058,300 United Arab Emirates dirham in Dubai in 2009,” a Commerce Ministry source said.
NICL was incorporated on March 31, 2000 as an unquoted public limited company under the Companies Ordinance 1984 through NIC (Reorganisation) Ordinance 2000 with objectives to provide insurance cover to the government/semi-government organisations at economical cost to reduce outflow of foreign exchange by reducing dependence on reinsurance abroad, to make significant contributions to public exchequer by payment of taxes and dividends and to make prudent investments in public as well as private sector in order to obtain maximum returns.
“NICL has insured total 325 assets till now, however, the list of remaining nine assets reveals that company had done a lot,” the source said, adding that other assets were a 20 kanal plot in Lahore; Shahdin Building The Mall, Lahore; commercial plot No 128, Upper Mall Lahore; SIH Building Lahore; NIC Building Karachi; NIC House Karachi; 10-acre plot at Korangi Township, Karachi, NIC Building, Islamabad; and Civic Centre Larkana.
The source said that NICL was committed to provide insurance coverage to the poor masses of the country and successfully launched Agri Loan Insurance with the help of National Bank of Pakistan (NBP) and Bank of Khyber (BOK).
“NICL is also working on launching of two new products named as Micro Finance Insurance and Health Insurance with the purpose to provide coverage to low income and poor people of the country residing in rural areas on payment of nominal premium” the source added saying that by providing these innovative insurance coverage NICL aimed to act upon present Government Policies of providing relief and protection to the nation.
