Business Daily from THE HINDU group of publications
Saturday, Aug 05, 2006

Cross Currency

Group Sites

Money & Banking - General Insurance
Mumbai flood: GIC loss put at Rs 650 cr

Our Bureau

Mumbai , Aug. 4

The General Insurance Corporation of India has pegged the gross loss arising out of the Mumbai flood last year at Rs 2,900 crore. GIC's loss due to the catastrophe was around Rs 650 crore. The gross loss due to fire at the ONGC rig was around $355 million (Rs 1,650 crore) and GIC's loss was around $18 million (Rs 83 crore).

The net incurred claims during 2005-06 were higher at Rs 4,573 crore compared to Rs 3,702.80 crore

GIC during the fiscal 2005-06 had registered a 199 per cent growth in its net profit at Rs 598 crore, against Rs 200 crore the previous year.

According to a press release, GIC has also declared a dividend of 20 per cent for the year 2005-06. The dividend cheque for Rs 86 crore was presented to the finance minister recently. The net earned premium during 2005-06 was marginally higher at Rs 4,459 crore, against Rs 4,373 crore in the previous year.

The investment income rose 23 per cent to Rs 1,718 crore, against Rs 1,398 crore over the previous financial year. Its total investments as at March 31, 2006, stood at Rs 22,134 crore (Rs 15,434 crore). Total sssets have increased to Rs 26,424 as on March 31, 2006, (Rs 18,784 crore).

GIC has augmented its capital by issuing 1:1 bonus share. The corporation's capital has grown from Rs 215 crore to Rs 430 crore.

More Stories on : General Insurance | Natural Calamities

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Vidarbha package disbursal gains speed

Forex reserves rise $675 m
Rupee tad up against dollar
Mumbai flood: GIC loss put at Rs 650 cr
Chidambaram defends advisory to banks on PLR
PSU bankers `surprised'
Rlys in pact with SBI for ATMs at 681 stations
Bill soon to empower Govt to dissolve bank boards
UBI road map to push export credit
Canara Bank upgrades Tiruchi office
Rate hike: SBI board to meet next week
Bank of Rajasthan hikes deposit rates
Bond prices remain flat
T-bills auction on August 9
Central Bank of India signs pact with APSFC
Non-food credit up Rs 9,394 cr
Call rates unchanged
`Ministry, banks must find middle path on rates'

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line