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India needs more private insurance companies. Govt must use Covid trigger to make this happen More players could make the market more competitive as they would vie to offer accessible and low-cost insurance products. A+ The Union Cabinet has cleared amendments paving the way for privatisation of one state-owned general insurance company. In her budget speech, Finance Minister Nirmala Sitharaman had said that the government will take up two public sector banks and one general insurance company for privatisation in the current financial year. Public sector insurance firms hold a greater share of the market even though they are fewer in number. Lesser competition, low levels of capital and weak financial health of public sector insurance firms make it difficult for them to offer low-cost affordable insurance products. They are unable to cater to the emerging risks a fact that is truer in the aftermath of Covid-19.

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