General Insurance Companies News
Government halts merger of 3 psu general insurers.
General insurance companies news. Riding high on motor and fire premia and government run social security schemes the general insurance industry grew 12 5 per cent in the april june quarter mobilising rs 23 418 crore in premium income. January 31 2019 9 44 pm explore. Zee business zeebusiness july 27 2020 the solvency condition of all the three companies have not been too great shah said. Oct 11 2017 04 06 pm ist general insurance ipo subscribed 72 on day 1.
The recapitalization will make the three state owned general insurance companies more stable javadekar said. Jul 23 2015 13 04 pm ist. The government aims to complete merger of three state owned general insurance companies national insurance co ltd united india insurance co ltd and oriental insurance co ltd by the end of march finance secretary rajiv kumar said respective boards of the three companies have already given their in principal approvals for the merger. After merger announcement budget 2019 may provide rs 4 000 crore boost for psu general insurance companies.
The profitability of many general insurance companies including that of state owned ones has been under pressure owing to rising underwriting losses and higher claims. Get more companies news and business news on zee business. General insurance posts a robust 12 5 growth in q1. The government is planning to keep a single government company in the general insurance sector in line with the life insurance sector where the life insurance corporation of india lic is the only player shah further said.
The merger of national insurance company united india insurance company and oriental india insurance company was first announced in the budget 2018 19 and the government intended to complete the process in current fiscal itself. To infuse rs 12 450 crore 09 jul 2020 07 31 am ist. Get all the latest news pictures videos and special report about general insurance by livemint. To facilitate the merger the budget has announced a capital infusion of 6 950 crore into the three public sector general insurance companies psgics in the next financial year.
The government expects to complete the merger of three state owned general insurance companies by 2019 20.
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