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Foundation of the 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 No. 562600353, and got a license to work on 15/2/1993, and started its functioning on the date of 1/3/1993.
The Company was founded by a group of businessmen and experienced people in the West Bank and Gaza Strip at the beginning of an unclear stage of the political and economic developments, and after the withdrawal of the Israeli insurance companies, which were operating in the country. It was planned to be a strong economic foundation, based on national capital and based on the efforts of sons of the nation, who gained experience through long decades of work in the diaspora, supported by sustained by a generous people longing to rely on building their present and future. |
| Since that date, the National Insurance Company is verifying achievement after achievement, and continued to gain access to the centre of the insurance industry of Palestine, and this has been evidenced by:
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The company was the first insurance company receives a Palestinian for the second consecutive year to license the work of the Department of Insurance Supervision in the capital market, and renewed the license in 2009 in the month of November 2008, after the company posted a solvency margin of 269% of the time in which it requests when the instructions issued by the Department of Insurance Supervision of the proportion of 150% only.
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The company won the award for integrity of the Palestinian public shareholding companies in 2008 by the Board of Directors of the Coalition for integrity and accountability - AMAN, and this is the first year of AMAN certificate granted for the integrity to a Palestinian public shareholding company, and certificates of appreciation were awarded to all companies that have applied for the competition to obtain this certificate in 2007 and the national insurance company was one of them.
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The company in 2008 was able to achieve record production and profits, as a result to a wise policy and management in the Initial Public Offering, and the good reputation that the company has in the market, resulting from the strength of its financial position and rendering services to the citizens in the highest possible efficiency, and its initiative to meet its financial obligations regularly and without any prevarication or delay.
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Capital of the Company
The company was founded with paid nominal capital the amount of three and a half million Jordanian dinars (the equivalent of five million U.S. dollars), the founders have subscribed to 45%, and the rest of the capital for public subscription. The company increased the capital in 1994 with three hundred fifty thousand JDs bringing to three million eight hundred and fifty thousand Jordanian dinars (the equivalent of 5.5 million U.S. dollars). Also increased again in 23/3/2006 to five million four hundred thousand Jordanian dinars (equivalent to seven million and six hundred thousand U.S. dollars) in the distribution of free of charge bonus shares to shareholders. |
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In the Extraordinary meeting of the General Assembly dated in 27/3/2008, the assembly agreed to convert the currency of the company’s capital from the dinar to the US dollar, and to increase the company’s capital through the granting of free shares to shareholders, to become the new capital of eight million U.S. dollars divided into eight million shares, the nominal value of shares is one U.S. dollar.
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The Company’s Mission
- Granting sophisticated and comprehensive insurance coverage.
- Raising the awareness about insurance, concentrating on the insurances that are not recognized on the wider context.
- Competing decently building on developing the levels of the service, performance and setting a solid policy for subscription.
- Honesty in dealing with the public
- Balancing amongst all parties’ interests; contributors, assembly and employees
- Contributing to the building of the National Economy,
- Securing work opportunities to the biggest number of the Palestinian labour force, via investing their money internally in small economical projects, for theirs and for the National economy’s benefit.
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The Basic Pillars of its Policy
The National Insurance Company was established for practicing all types of insurance and reinsurance and investing the company’s funds in the designated manner by company’s Board of Directors and in accordance with the provisions of the law.
The establishment of the company took place at the beginning of a new unclear phase of political and economic transformations and social development. The company had managed to work despite the difficult circumstances surrounding its excellent achievements, which have been a catalyst for many of the businessmen and their experience to return to the homeland and the establishment of more companies and economic projects. In recognition of this responsibility, the company has charted for itself a set of principles for the constitution of work, including: |
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- Balancing between the interests of all parties the shareholders, the public and staff, so as not to overshadow the goal of achieving financial returns for shareholders at the expense of the interests of the rest of the parties. It is the right of the contractors with the company to be assured of their movables and assets and to receive fair compensation in the event of such these ensured objects and properties exposed to a risk and the Management of the company and its employees and agents works together to achieve this goal.
- Dealing honestly
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