Nat Insurance Aims At Rs 1600cr Premium Income

NIC recorded the highest growth rate among all General Insurance Corporation subsidiaries during 1995-96, earning a premium income of Rs 1,200 crore.

As on November 30, 1995, motor insurance contributed 34 per cent (Rs 244 crore) of total premium income, fire insurance contributed 31 per cent (Rs 218 crore), marine insurance contributed 18 per cent (Rs 127 crore), while miscellaneous premium income accounted for 17 per cent (Rs 116 crore).

The financial results of the Calcutta-based GIC subsidiary for 1995-96 will be considered at the its board meeting on November 4.

The company, which caters to the eastern region, recorded a net profit of Rs 13.86 crore for the year 1994-95, against a net profit of Rs 91.42 crore in 1993-94, a sharp drop of Rs 77.56 crore.

 

NICs foreign operations also saw its net profits dropping by almost half to Rs 2.10 crore in 1994-95 against a net profit of Rs 4.14 crore in the previous financial year. In 1994-95, NIC recorded a premium income of Rs 957.49 crore.

The companys plans to join hands with Lloyds of London for offering political insurance to mega-projects in the power and infrastructure sector, as is the practice in foreign countries, has been put off.

Its earlier proposal to tie up with Willis Favour & Dumas Plc of UK to draft a compulsory stock-brokers insurance scheme has also been shelved.

NIC is currently in the process of modernising its operations to meet the challenges posed by foreign companies as well as domestic competitors.

The company, in a bid to bag the insurance contracts for projects worth over Rs 100 crore, has set up techno-marketing project cells (TMPCs) at all the four metro cities. Four sub-cells have also been set up in different parts of the country.