National Insurance Company has reported a net loss of Rs 4.95 crore in its foreign operations in 1995-96.
NIC's foreign operations, conducted through its branches in Nepal and Hong Kong, recorded a net premium income of Rs 12.27 crore in 1995-96 against Rs 12.32 crore the previous year.
While the net incurred claim from foreign operations in 1994-95 stood at only Rs 9.91 crore, this figure increased by almost 50 per cent in 1995-96 to Rs 14.29 crore.
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NIC, which posted a net underwriting profit of Rs 1.33 crore in 1994-95, posted a net underwriting loss of Rs 5.92 in 1995-96.
The premium net of local re-insurance of Hong Kong and Nepal branches stood at Rs 8.52 crore and Rs 3.74 crore respectively. NIC has attributed the slide to the setback it suffered in cargo business in Hong Kong.
NIC's Indian business, however, achieved a gross direct premium income of Rs 1195.17 crore in 1995-96, registering a growth of 26.42 per cent over that of the previous year. This represents an increase of Rs 249.81 crore.
The fire business grew by 24.73 per cent, overall marine business by 19.29 per cent and miscellaneous business by 29.96 per cent.