NIC eyes 22% rise in premium

Kolkata-based National Insurance Company is eying close to 22 per cent rise in premium for the present financial year to Rs 9500 crore, against Rs 7800 crore in the 2011-12 financial year.

Last year the insurer registered about 25 per cent rise in premium, against 23 per cent for the entire general insurance industry, said N S R Chandraprasad, chairman and managing director, National Insurance Company at an interactive session organized by the MCC Chamber of Commerce and Industry.

Meanwhile, following the AMRI fire incident last year, National Insurance will take up risk assessment in all contracts with fire and engineering cover worth over Rs 50 crore. Earlier, the insurer had ordered assessment of properties worth over Rs 100 crore. The AMRI group has an insurance cover of Rs 200 crore.

The insurer is also carrying out survey at AMRI to determine the extent of damage for claim settlement.

Also, the fire incident would not hinder renewal of the AMRI contract for the present financial year, said Chandraprasad.

Last year the entire non life insurance industry had a premium collection of Rs 58345 crore, against Rs 47000 crore the year before. At present, there are 23 general insurance companies in India.

“By 2020, the general insurance sector should have a premium collection of Rs 200,000 crore,” saud Chandraprasad.