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Our Bureau

Bangalore, Nov. 23

National Insurance Company Ltd (NICL) has set a premium income target of Rs 3,900 crore for the fiscal 2006-07. NICL gained new accounts during the current fiscal helping it maintain a four per cent year-on-year growth to clock a premium income of Rs 2,132 crore during FY 2005-06.

The new accounts and renewals during the year contributed Rs 110 crore leading infrastructure and oil companies accounting for the accretion in its income. Among the prestigious accounts were the GMR Infrastructure for its Delhi airport and roads projects, Spice Jet, ONGC Onshore, Nuclear Power Corporations and Jawaharlal Nehru Port Trust, said Mr V. Ramasaamy, Chairman and Managing Director.

Talking to media persons on the sidelines of a function to commemorate the centenary year of the company and two of its Bangalore business centres obtaining the ISO-9001:2000 certification here on Thursday, Mr Ramasaamy said NICL was fully geared to orient its business to the new detariffing regime coming into force in January.

He declined to comment on the impact of premium rates once the new practice comes into force as there was no consensus yet on the issue from the industry. NICL has set up a special cell to coordinate with the regional offices study the details of the premium rates.

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