National Insurance tops in revenues

Kolkata based National Insurance Company (NIC) has snatched the top slot for premium income dethroning United India Insurance with a Rs 4375 crore figure achieving a 30 per cent growth.

United India has so far been the numero uno with regards to premium income for the last few years.

"Two years ago National was the laggard, being the smallest among the four general insurance companies. During the last two years, National has been the fastest growing PSU general insurer. Thus it has become the second largest general insurer in India, and will officially be the largest when the formal numbers of the company are out," explained said, H S Wadhwa, chairman NIC.

"The growth in premium income in absolute numbers has been to the tune of Rs 700 crore," he explained.

The company has also entered into talks with a couple of state government along with the West Bengal state government for selling health insurance to their employees. It has already roped in the Jammu & Kashmir as well as the Haryana government for selling health insurance to their employees.

NIC is looking at the possibility of introducing a health insurance component to the state government Re 1 per day provident fund scheme that has till date covered around agricultural labourer below poverty line and another five lakh unorganised sector labourers.

The state finance minister was considering the NIC proposal and has been looking at ways and means of dove tailing the component in its scheme.

Meanwhile, NIC has also roped in vehicle manufacturers like Bajaj Tempo, General Motors, Eicher Motors and Hero Honda for selling vehicle insurance to their customers. The company was also in the process of talking to other vehicle manufacturers for possible tie-up.

Talking about the voluntary retirement scheme introduced in the company recently, Wadhwa said that as many as 1,600 employees have opted for the scheme which cost the company Rs 300 crore.

NIC is also in the process of tying up with Bank of Baroda for selling general insurance and health insurance to the bank's customers.