history

A History of Trust & Reliability

National Insurance Corporation of Nigeria (NICON) established by Decree No. 22 of July 1, 1969 with share capital of N2 million.

The first major claim was paid to Nigeria Airways when its DC-10 crashed. The sum of 2.5 million (Pounds) was involved.

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First year operating result- gross premium income of N1.6 million

NICON buys Yorkshire General Life Assurance and changes it’s name to Niger Insurance.

Fire Service Bureau set up. It has since emerged as a reference point for the servicing of both industrial and private fire risks in Nigeria. Now recognized internationally, the Bureau has assisted other insurance firms in their fire survey and underwriting of their results.

NICON acquires 60 percent of the equity shares of Daily Times of Nigeria Plc, at the instance of the Federal Government.

NICON establishes a subsidiary investment company knows as National Properties Limited (then knows as Nineteen Properties Limited, to reflect the 19 states in the federation). The company managed NICON’s investments in about 40 institutions in manufacturing, banking, printing, hotels, general commerce and industries.

 

Inland Containers Limited, a joint venture between NICON (50%) and two other parties commences business, after incorporation. The company owns, and operates depots for receipt, handling and storage of containers.

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