United India reported a loss of Rs 300 crore and a solvency ratio of 0.7. Oriental Insurance had a loss of Rs 1,498 crore and a solvency ratio of 0.92. The company’s solvency margin ratio to required solvency margin had shrunk to 0.12 as against the mandated 1.5. National Insurance reported a loss of Rs 2,751 crore for FY21, according to its public disclosures. He added that the government should also not be in a hurry to disinvest any more of its stake in New India Assurance and GIC Re. The public issue of the merged entity should, if at all, be taken up well after the merger process is completed and the merged entity becomes stable and profitable,” said sector regulator Irdai’s former member K K Srinivasan. “Merger and rationalisation of the three weak PSUs - National, Oriental and United India - makes sense.
Some senior PSU officials feel that a merger with New India Assurance might be the only option as standalone companies may not be attractive to investors. The officers’ association in the non-life companies has petitioned the government, asking it to not sell the companies but to merge the three non-life companies to strengthen them. Following the Budget announcement to sell one PSU non-life insurer, the finance minister said that employee interests would be protected and that privatisation was not going to end up as selling for closure. The amendment states that on and from the date on which the central government ceases to control any specified insurer, after the commencement of the GIBN Act, the provisions of this Act shall cease to apply in respect of that specified insurer. The General Insurance Business (Nationalisation) Act - or GIBN Act - amendment was notified on August 18. The rationalisation plan is moving ahead even as the government has introduced legislation to facilitate the privatisation of state-owned general insurance companies. Overall, three weak PSU insurers - National Insurance, Oriental Insurance and United India - are targeting around 25% office rationalisation through mergers and closures. And if you are unable to visit the ICICI Lombard General Chennai Branch, contact the branch Representative through Phone Number to clarify your doubts.MUMBAI: Public sector non-life insurance companies have begun a restructuring exercise of shrinking their branch network in a bid to reduce costs and improve finances. The Insured has to visit the branch to buy the policy, checking the policy status, payment of the premium amount, renewal of the policy.
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