Riots, Mishaps, Quake Clip Gic Net By 23%

The General Insurance Corporation of India (GIC) has recorded a 23 per cent drop in net profit for fiscal 2002 even as it posted a 22.16 per cent rise in net premium income during the year. Net profit dropped to Rs 306.7 crore (Rs 400.64 crore), largely on account of the Gujarat riots and large motor insurance claims.

In fiscal 2002, net premium income rose to Rs 2,671.24 crore compared with Rs 2,186.54 crore in previous fiscal, GIC managing director and current-in-charge P C Ghosh said a day after the reinsurance company