NIC targets 15 per cent growth this year

Dehra dun, Aug 9 (UNI) National Insurance Company (NIC) Ltd Chief Managing Director V Ramasaamy said there was insurance potential of Rs 60,000 crore in the country and NIC was targeting to avail this potential.

He said that NIC was targeting Rs 4,600 crore with 15 per cent growth rate this year as compare to 8.1 per cent last year.

''We are consolidating our services in India and have presently no plans to extend our services in foreign countries except for Nepal,'' Mr Ramasaamy told reporters here today.

He said the company has earned a gross premium of Rs 3,827 crore during 2006-07 with an accretion of Rs 291 crore over 2005-06 and solvency ratio has been increased by 0.08 per cent.

He maintained that profit ought to reach Rs 500 crore this year.

He disclosed that the company was planning to add 16,000 agents more to already existing 84,000.

Mr Ramasaamy said that to increase the growth rate, the company has tied up with about 21 banks, Hero Honda and Maruti and was strengthening the retail segment and concentrating on micro insurance policies as an all out efforts to comply with rural and social sector obligations with special emphasis to weaker section of the community.

''We have drawn up a corporate plan by which we shall attain a premium of Rs 7,000 crore by 2010-11, and have embarked upon Business Process Re-Engineering Exercise to sustain in the market in a more tougher condition,'' he asserted.

Mr Ramasaamy is here to attend two-day conference for their divisional and branch managers of Dehra dun and Chandigarh regions on 9th and 10th August, where he is scheduled to hold an intensive discussions with operational heads towards further improvements in customer services, profitability and business performances.

UNI