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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

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