'J&K floods to have 'minimal' impact on LIC'

September 21, 2014 11:28

Life Insurance Corporation, which has nearly 13 lakh customers in flood-ravaged Jammu & Kashmir, has said the financial impact of the massive tragedy would be "very minimal" on the company.

"Financial impact due to the massive floods in Kashmir this month will be very nominal for us. Even after the massive devastation caused by Uttarakhand landslides last year, the financial implication on us was very small, at under Rs 7 crore from 435 claims, while in Kashmir the loss of lives is lower at less than 300," LIC Chairman Surya Kumar Roy said.

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