Ramallah – The National Insurance Company (NIC) held its Annual General Assembly Meeting, attended by the company’s shareholders, members of the Board of Directors, executive management, a representative from the Insurance Directorate at the Palestinian Capital Market Authority, a representative from the Securities Directorate at the Capital Market Authority, a representative from the Companies Controller at the Ministry of National Economy, the company’s external auditors HLB, and its legal advisor, Shahadeh Law Office. The meeting took place at NIC’s headquarters in Al-Bireh.
At the beginning of the meeting, Chairman of the Board Mr. Aziz Abdel Jawad welcomed the attendees. After the Companies Controller’s representative confirmed the legal quorum, the assembly proceeded to discuss the agenda items. These included the approval of the minutes of the previous General Assembly meeting held on 18/04/2024, hearing and approving the Board of Directors’ report, hearing and ratifying the auditor’s report, approving the financial statements and the company’s annual budget, including all allocations and reserves, and approving the Board’s recommendation on Board member remuneration. The General Assembly also approved the Board’s recommendation not to distribute dividends to shareholders for the fiscal year.
During the meeting, Mr. Aziz Abdel Jawad explained the Board's recommendation not to distribute dividends for 2024. He noted that although the company achieved a net profit of USD 3 million after taxes— the highest profit recorded by any insurance company in the Palestinian market for 2024— the recommendation was necessary to ensure the company’s long-term financial strength, particularly in light of the extraordinary and severe circumstances facing the country and its economy throughout 2024, which continue into 2025.
Mr. Abdel Jawad added: “The Palestinian economy witnessed a decline across all sectors in 2024 due to the ongoing and intensifying Israeli aggression against our people in the Gaza Strip. The repercussions extended to the West Bank, especially the northern regions and Jerusalem. Furthermore, many business sectors refrained from renewing their institutional and liability insurance policies or significantly reduced their insurance coverage. There was also a decline in stock prices on the Palestine Exchange, an increase in the number and value of returned checks from banks, and, notably, the company faced the largest fire incident in Palestine’s history, which cost it over USD 8 million.”
NIC CEO Mr. Bashar Hussein emphasized that the insurance sector is facing major challenges, particularly under the exceptional circumstances affecting the Palestinian people. He said that the rapid developments, such as the war in Gaza and continued settler attacks in the West Bank, are exerting pressure on all sectors, including insurance. Despite these challenges, NIC continues to play a leading role with high efficiency, remaining committed to compensating its insured clients promptly, demonstrating the company’s financial strength and resilience.
Mr. Hussein added, “We believe in the importance of continuous development, and we have worked on launching and expanding new departments to enhance our ability to deliver faster and more efficient services. This reflects our future vision for strengthening the company’s infrastructure in line with market needs and global developments. Our goal remains to provide the best insurance coverage and professional risk management to protect the interests of both shareholders and clients, reaffirming our deep commitment to sustainable success and leadership in this sector.”
At the conclusion of the meeting, the General Assembly approved the administrative and financial reports and discharged the Board of Directors for the fiscal year ending December 31, 2024. The assembly also approved the appointment of HLB as external auditors for the 2025 fiscal year and authorized the Board to determine their fees.
It is worth mentioning that the National Insurance Company (NIC), a public shareholding company, is one of the first Palestinian insurance companies, established in 1992. NIC has maintained a leading position in the Palestinian insurance sector for over 32 years. The company operates with a strategic vision for continuous growth through its wide network of branches, offices, and agents across Palestine, while also reinforcing its leadership in social development through its corporate social responsibility strategy.
