FinMin kicks off Insurance Manthan

The finance ministry on Friday reviewed the progress of state run general insurance companies and also kick started, ‘Insurance Manthan,’ to optimise their performance.

Financial services secretary Rajiv Kumar in a tweet said, “Aim is to develop comprehensive reform agenda in six themes to modernise Public Sector GICs. Committed to work towards safety net of all citizens.”

The six point agenda includes – Sustainable and Prudent Business, Talent Management and Customer Orientation.


A senior executive said that the focus is on bringing the uninsured under the various social sector schemes of the government.


“The government also wants us to make our operations efficient, low cost and robust governance structure,” he added.

Finance Minister Arun Jaitley in the his 2018-19 budget speech had proposed the merger of the three PSU general insurers.

“These will be merged into a single insurance entity and will be subsequently listed,” he had said.

The government is expected to merge National Insurance, Oriental Insurance and United India Insurance by 2019.

“It is being worked out. The listing may also happen by end 2019,” the above quoted executive said.

In 2017-18, government had listed National Insurance Company and General Insurance Company divesting 11.65% and 12.5% of its stake, respectively, in the two companies.