NEWS & ADVICE : AUTO INSURANCE
PSU insurers’ employees association asks merger of four firms
By Neelima Shankar
Jun 19, 2012
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All India Insurance Employees Association (AIIEA) has asked the government for merger of four general insurance companies (GIC) -Oriental India Insurance, New India Assurance, National Insurance and United India Insurance into one big insurance firm.

The president of the AIIEA, Mr. Amanullah Khan stated the unhealthy competition between the firms could result damaging to interest of the PSUs. "The government should take a call and initiate immediate steps for merger of the four PSU general insurance companies into a single corporation akin to LIC," he added.

The four insurers collected a total or Rs. 30,560.74 crore in premiums, a growth of 21.50% in the last fiscal; gross profit was at Rs. 1334.19 crore as against a loss of 24.73 crore a year ago.

Mr. Khan also stated, that the companies have a strong hold of the market with 58.46% of market share and strong asset base, and opposed the government's proposal to disinvest the GICs.


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