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Our Bureau

Chennai , Aug. 9

UNITED India Insurance Company Ltd has said that neither the rains in Mumbai nor the ONGC platform fire will make a big dent in its profits, thanks to reinsurance.

Company officials told newspersons that both the Mumbai rain and the fire were singular events and therefore, "reinsurance kicks in".

On a gross basis, the claims are likely to be Rs 360 crore on account of the rains and Rs 1,400 crore because of the ONGC fire, but the actual impact on UII's profitability is not likely to be significant, officials said.

They did not disclose the estimates of the loss that might be sustained by the company, pending negotiations with reinsurers.

The company also announced that it had made a lower net profit in 2004-05 compared to the previous year.

To a question, Mr M.K. Garg, Chairman and Managing Director, said that the company's immediate focus areas were bancassurance and rural micro offices.

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