The Hindu Business Line : Merger of PSU insurers sought

Kochi, Sept. 28 The General Insurance Officers All India Association has urged the Union Government to form a single corporation amalgamating the four public sector general insurance companies – United India Insurance, New India Assurance, Oriental Insurance and National Insurance Company.

Mr P.P. Mohanan, Vice-President of the association for the State, said that as the market has been opened to private players from 1999 onwards, there is no relevance for ‘competition’ among the state-owned general insurers. While the Union Finance Ministry has shown an eagerness to merge the public sector banks, even against the opposition from the employees, the Government continues to show a different approach in the insurance sector, he added.

As a consequence of de-tariffing from January 2007, a substantial amount of premium is being lost due to the unhealthy competition between the PSU insurers, he said.

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