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National Insurance target

Calcutta, Dec. 18: State-owned general insurance major National Insurance Company is looking at a 20 per cent growth in premium collection in fiscal 2012-13, lower than 25 per cent in the previous fiscal.

According to A.V. Girija Kumar, director and general manager of the Calcutta-based non-life insurer, the slowdown is because of a moderation of growth in the motor and health segments. The company expects its premium collection to grow to Rs 9,393 crore this fiscal.

“Compared with last year, the growth has been lower this year. Apart from the base effect, there is a moderation in growth in motor 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,” Girija Kumar said at a CII-organised seminar on insurance today.

The company is also looking to make a total provision of around Rs 1,200 crore in the next two fiscals to write-off the accumulated losses of the Indian motor third party pool that was dismantled last year.

“Total provisioning has to be close to Rs 1,500 crore. Last year we had provided for Rs 300 crore and in the current fiscal and 2013-14 we will have to provide around Rs 600 crore each on the account of the TP (third party) motor losses. These are basically carry forward losses which we have incurred,” Girija Kumar said.

 
 
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