Financial Daily from THE HINDU group of publications
Wednesday, Mar 31, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 31, 2004 |
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Money & Banking
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General Insurance ECGC credit risk policies to have NIC marine cover Our Bureau
Mr H.S.Wadhwa, CMD, National Insurance Company Ltd (right), and Mr P.M.A.Hakeem, CMD, Export Credit Guarantee Corporation of India Ltd, at a press conference held in Mumbai on Tuesday. - - Paul Noronha
Mumbai , March 30 THE Export Credit Guarantee Corporation (ECGC) and National Insurance Company Ltd have decided to come together to provide marine insurance as an `add on' facility to exporters who opt for ECGC's specific shipment policies for comprehensive risks from the next fiscal. "Exporters will now be able to get the credit insurance along with marine insurance without any additional cost. Initially while this will be offered only to specific shipment policies, once we acquire experience we will be able to extend it to other areas as well," Mr P.M.A. Hakeem, CMD, ECGC, said at a press conference here today. The two companies signed a memorandum of understanding for promoting and expanding exports of small and medium size enterprises. Speaking on the occasion, Mr H.S.Wadhwa, Chairman-cum-Managing Director, National Insurance Co Ltd, said his company planned to set up four regional offices at Nagpur, Vadodara, Bhubaneshwar and Dehradun. This will take the total number of regional offices to 24. National Insurance also plans to have four general managers in the four zones of the country shortly. About 3,000 employees have opted for VRS scheme working out to an outgo of Rs 300 crore for National Insurance, he said. In the current fiscal, National Insurance has grown at the rate of 19.30 per cent up to the month of February 2004. The growth of premium income in absolute terms has been to the tune of Rs 500 crore. The company has achieved a total premium of Rs 3,091 crore up to February, Mr Wadhwa said.
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