PRCL business grows by 10 percent

The re-insurance business of Pakistan Reinsurance Company Ltd (PRCL) has grown by 10 percent to Rs 3.5 billion during the year 2003.
Executive Director PRCL Usman Hasan stated this while talking to newsmen at a workshop on 'Aviation Reinsurance' here on Thursday being organised by AON-Insurance Brokers (Pvt) Ltd and PRCL.
He said that the PRCL had made a good profit last year and this year too it is expected to maintain this trend. However, he did not give the statistics saying that final accounts are being prepared.
He said that the accounting procedures have been changed on the instructions of the Security and Exchange Commission of Pakistan (SECP) and finalisation of accounts will take some time.
Hasan said the PRCL has so far paid Rs 216 million as reinsurance claims to a consortium of insurance companies regarding Tasman Spirit oil spill.
This is roughly a 50 percent of the total reinsurance claim against the insurance cover. He said the remaining amount will be paid to insurance companies as and when received from foreign underwriters.