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Informist, Monday, May 4, 2026

 

NEW DELHI –  The policies of the three public sector insurance or reinsurance companies, namely Life Insurance Corp. of India, General Insurance Corp. of India and Oriental Insurance Co. Ltd., should be oriented towards increasing overall insurance penetration and density, while ensuring retention of market share, Department of Financial Services Secretary M. Nagaraju said Monday. Nagaraju also advised these companies to devise investment and underwriting strategies to reduce loss ratios.

 

The three companies must expand insurance coverage to a wider segment of the population by prioritising inclusion of more individuals under the ambit of insurance rather than concentrating predominantly on big-ticket policies, the secretary said at a review meeting with these companies. 

 

Nagaraju examined these companies' Vision Strategy documents covering the medium-term (three-year) and long-term (five-year) horizons. "Throughout the discussions, Secretary (Nagaraju) offered strategic direction aimed at boosting operational efficiency and reinforcing financial stability, while underscoring the importance of fostering sustainable growth," the finance ministry said in a release. "Instructions were also issued to further develop Human Resource and Information Technology strategies to enhance overall service delivery."

 

Other key areas that were discussed included developing new and innovative customised products, augmentation of digital and technological capabilities while adhering to prescribed cybersecurity frameworks, expansion of insurance services through online platforms, timely resolution of public grievances, and expanding distribution networks and enhancing communication and publicity through various platforms, including social media.

 

LIC Managing Director and Chief Executive Officer R. Doraiswamy, GIC Re Executive Director Hitesh Joshi, Oriental Insurance Chairman and Managing Director Sanjay Joshi and other senior officers of the department and the companies attended the meeting.  End

 

Reported by Priyasmita Dutta

Edited by Avishek Dutta

 

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