Merger proposal for State-owned insurers
All India Insurance Employees Association (AIIEA), a trade union organization gathering public insurance companies, is advocating merger between the four non life insurance companies: United India Insurance, Oriental Insurance, National Insurance and New India Assurance.
Merger between these four public insurers will make it possible to reduce unfair competition along with marketing expenditure. It will also allow the increase of retention capacity for companies and the reduction of outflow of foreign currency abroad.
According to the latest figures published by the supervisory authority, the afore-mentioned four insurers generated during the previous year concluded on 31 March 2017, a cumulative turnover of 9.23 billion USD, that is, a 46.7% share of the entire market.
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