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PSU non-life insurers to improve market share: FM

Chidambaram stressed the need to study the persistency for ULIP and non-ULIP policies separately, in order to undertake efforts for each category

May 13, 2014 4:07 IST | India Infoline News Service
Finance Minister P Chidambaram has asked public sector insurance companies to increase their market share.
Speaking at a meeting with the heads of state-run insurers in New Delhi on Monday, Chidambaram asked them to ensure no further market share was lost and to maintain the current level of 53% and steadily improve the same.
The public sector general insurance companies have reported a growth of 10% in gross premium during 2013-14 and projected a growth of 100% in the next five years.
Chidambaram stressed the need to study the persistency for ULIP and non-ULIP policies separately, in order to undertake focused efforts for each category.
According to Chidambaram, IRDA may examine the issue of suitably implementing through its regulatory powers the stipulation of mandatory motor third party insurance and also review the premium rates so as to reduce the burden on insurers.
A decision on the proposal for a three year policy for motor vehicle insurance under consideration of IRDA may be speeded up to reduce instances of uninsured vehicles.

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