Chennai-based general insurer United India Insurance has said so far the company has received claims intimation worth Rs 110 crore for 130 claims and expects more due to the floods, for the last one week, in Tamil Nadu.
Milind Kharat, chairman and managing director, United India Insurance said, "So far the company has received claims intimation worth Rs 110 crore for 130 claims and expects more due to the floods, for the last one week, in Tamil Nadu." He added, claims ratio of the company has been contained at 83.52% during the first half of the current fiscal while noting the company paid Rs 344 crore as claims during J&K flood and Rs 872 crore during Cyclone in Andhra Pradesh. Commenting on performance, he said, UII has clocked a profit after tax (PAT) of Rs 356.21 crore during first half of 2015-16 as against Rs 376 crore crore, a year-ago period. He attributed the drop mainly to Rs 260 crore provision for wage revision, increase in health claims ratio to 110% from 98% and others. The company has collected a premium of Rs 5,914 crore for the half year ended September 30, 2015 as against Rs 5,291 crore, a year ago an increase of 11.77%, as against industry growth of 11.2%.
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