National Insurance to open four regional offices

Updated on Apr 02, 2004 02:03 PM IST

National Insurance saw 19% rise in premium income till Feb and said it is opening four additional regional offices.

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PTI | ByPress Trust of India, Mumbai

National Insurance Company (NIC), which has recorded a 19.3 per cent rise in premium income till February in the current fiscal, is opening four additional regional offices on April 1 as part of its expansion plans.

"We are opening new regional offices in Nagpur, Baroda, Bhubaneshwar and Dehra Dun next month taking the total to 24", NIC chairman and managing director H S Wadhwa said after signing a memorandum of understanding with Export Credit Guarantee Corporation of India Ltd (ECGC) for promoting exports of tiny, small and medium size enterprises.

The Kolkata-based company, if need be, may also merge some branches but it would not be in a big way, he said, adding, the decision would be a need-based plan. NIC has a network of nearly 1,000 offices across the country.

Referring to the premium income, Wadhwa said it has grown by Rs 500 crore in the current fiscal taking the total to Rs 3,091 crore up to February 2004.

On tapping the international market, he said currently there were no plans and as it is there was still a lot of business potential waiting to be tapped in India.

There is a scope to achieve a premium income of Rs 10,000 crore in next two to three years, the CMD added.

He said NIC was also contemplating of posting general managers in the four zones in the country.

On the voluntary retirement scheme, he said the outgo would be Rs 300 crore for paying the 3,000 employees who have opted for the same.

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