India Business News: New Delhi: Finance ministry would consider capital infusion in three loss-making public sector general insurance companies based on their financial pe.
The Finance Ministry will consider capital infusion in three public sector general insurance companies based on their financial performance. The infusion, if needed, will be made in the fourth quarter of the current financial year. The companies have been asked to improve their solvency ratio and meet the regulatory requirement of 150%.
The four public sector general insurers, New India Assurance (NIA), United India Insurance, Oriental Insurance and National Insurance Company, with a total premium of Rs 82,895 crore (Rs 75,132 crore in FY22) have reported a cumulative market share of 32.27 per cent, down from 34.03 per cent in FY22.
Earlier in 2022, the government had provided ₹5,000 crore capital to three insurers National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company.