TaxTMI 
TaxTMI 
Finance Minister to review Annual Performance of Public Sector Insurance Companies tomorrow
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....inance Minister to review Annual Performance of Public Sector Insurance Companies tomorrow <br>News and Press Release<br>Dated:- 12-6-2012<br><BR>Press Information Bureau Government of India Ministry of Finance 12-June-2012 16:52 IST The Union Finance Minister Shri Pranab Mukherjee will review the annual performance of Public Sector Insurance Companies during his meeting with the Chief Executi....
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....ve Officers of Public sector insurance companies, here tomorrow. The focus of review by the Finance Minister will be to have a business strategy for 2012-13 onwards in a manner that there is healthy balance between the growth and long-term business sustainability as well as providing accessibility of insurance coverage in unserved areas. Besides it, the review will also focus on business process r....
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....e-engineering so as to ensure that service delivery, including policy renewals and claim settlement as well as grievance redressal becomes more customer/ policyholder-friendly. Emphasis will also be to widen the coverage under agriculture insurance by bringing in all loanee farmers as well as non-loanee farmers under the ambit of agriculture insurance. A number of developments in the recent years....
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...., especially during 2011-12 such as dismantling of motor pool reserve and shifting to decline pool, losses on account of overseas operations and in reinsurance business due to natural calamity in Japan, Thailand & some other countries, and a very intense level of competition among the companies affecting prudent underwriting of premiums have affected the operating profitability of these companies,....
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.... especially non-life PSU general insurance companies. Public Sector Insurance Companies, both in life and non-life segment play an important role not only in providing insurance coverage to people but also a crucial role in nation building exercise by providing funds for infrastructure development. While LIC holds about 3/4th of the life insurance market in India, the four non-life PSU general in....
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....surance companies have about 55% of the general insurance market share. ****** DSM/SS/GN<BR> News - Press release - PIB....