PSU Insurance Firms

The Finance Ministry on Thursday said PSU insurance companies have been directed to ensure swift claim settlements by organising special camps and easing claim processes for those affected by heavy rains and floods in Andhra Pradesh and Telangana. The insurance companies have been also instructed to widely advertise the names and contact numbers of nodal officers to whom the policyholders can contact. In a statement, the ministry said in view of the heavy rains and floods in Andhra Pradesh and Telangana, the Department of Financial Services issued directions, on Thursday, to the public sector insurance companies to extend and provide full support to the people affected by floods. "The insurance companies have been instructed to ensure swift claim settlements by organising special camps and easing claim processes and thereby provide relief to those affected," the ministry said in a post on X. The central government and finance ministry are committed to supporting those affected by t

The Joint Forum of Trade Unions and Associations (JFTU) in 4 PSUs general insurers reiterated their demand for discussions on restructuring after full report is submitted by the consultancy firm EY

Dwells on huge potential of insurance in the country; emphasises need for Insurance Ombudsman to be fair and equitable

Experts say the government's decision to link wage revision with performance could have been pivoted on the financial health of the four public-sector insurers

Report finds lapses such as multiple settlement of claims, excess payment over insured sum

ICICI Lombard leads pack among private players, with 28% growth

Consultations at the CGD level involved deliberations on the process of privatisation, timing, and the way forward to sell the PSU insurer - United India Insurance - suggested by NITI Aayog

Specialised PSU insurers in agri business and export covers see impressive 200% growth; general and standalone health insurers see 9% and 2% growth, respectively

Non-life insurers were in the red in September also, with premium collection slipping 4.41 per cent

General insurers, 25 in all, saw their premium collection go up 5.57 per cent in August 2020 to Rs 13,139.63 crore, compared to Rs 12,445.83 crore in the same period last year

According to rough estimates, the need is at least Rs 2,000-3,000 crore in each of the companies, the total collective requirement is close to Rs 12,000-13,000 crore

The quantum of capital support would be worked out post EY gives its report, though DIPAM sources said that anywhere between Rs 9,000 crore and Rs 10,000 crore capital support would be required

Committee to chalk out plan for effective use of Rs 750 billion, 42,000 workforce

A note is being prepared for the listing proposal to be presented before Cabinet

In Budget, FM announced plans for listing of four PSU general insurance firms; except for New India Assurance, none of the other three is in position to get Sebi nod unless Irdai steps in