Insurance, pension industry welcome poll 'verdict'

MUMBAI: Hailing the Congress-led UPA victory in the Lok Sabha polls, Insurance and Pension Fund industry on Saturday said this would help in pushing the long pending reforms in the two sectors stalled by the left parties earlier.

"It is a good news. This Government (UPA) brought in reforms by introducing Insurance Amendement Bill in Parliament a few months back. The Bill will now go through," Allianz India Country Manager, Kamesh Goyal, told reporters.

Allianz has partnered with Bajaj in the life and general insurance sector. "The entire financial sector would take an upswing," he said.

Sharing similar views, Tata AIG General Insurance, MD and CEO, Gaurav Garg, said the results of the Lok Sabha elections would benefit the insurance sector as a whole.

"The positive thing of Congress coming in power again is that there will be continuity in the reforms. The Government will push forward more reforms," Garg said.

The insurance amendment and PFRDA bills would be cleared now. The passage of the bills would bring reforms in insurance and pension sectors, he said.

"The general insurance especially is still untapped and requires the amendment," he said. PFRDA Chairman, D Swarup, also said with Congress-led government reforms would certainly get a push.