NEWS & ADVICE : AUTO INSURANCE
National Insurance Company records low growth rate this fiscal
By Neelima Shankar
Dec 19, 2012
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The public sector insurance company, National Insurance Company Ltd., may record low growth rate by the end of this fiscal. In the previous fiscal, FY 2011-12, the insurer had reported a 25 percent growth rate. This fiscal, it is expected to register a growth rate of 20 percent only.

Though, the general insurer is also expecting its premiums to rise to Rs. 9393 crore in the current fiscal, as against, last year's premium of Rs. 7790.

On the matter, the Director and General Manager of NIC, Mr. A.V. Girija Kumar said, "Compared to last year, the growth has been lower this year. Apart from the base effect, this is because of a moderation in growth in motor insurance and health segments. This apart, because of the slowdown in the economy, infrastructure projects have not taken off. Property business, especially construction insurance business, has not been so substantial."

He further added that the decrease in NIC's growth rate could be because of a higher base and the slow economic growth which has had its impact on the infrastructure projects.


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