NIC targets Rs 12,800 crore premium income

Public sector non-life insurer National Insurance Corporation (NIC) expects to garner premium income worth Rs 12,800 crore in the current financial year, a top company official said.

"This fiscal, we are targeting a premium income of Rs 12,800 crore, as compared to Rs 10,261 crore in the previous fiscal," NIC acting chairman A V Girija Kumar said.

During April and May, NIC's premium income grew higher than the industry, he added.

"During April and May this fiscal, NIC's premium income grew 12.8%, as compared to 9% in the overall non-life sector," Kumar told reporters here on the sidelines of a business seminar.

Even last fiscal, NIC's growth was higher at 12% against the industry growth of ten%, he added.

Asked about market share, Kumar said NIC's share was 25% among the four public sector non-life insurers.