Exclusive: Government mulls merger of State-owned general insurance companies

In a significant development, the government is considering the merger of four state-owned general insurance companies — New India Assurance, National Insurance, Oriental Insurance and United India Insurance — into a single entity, Zee Business has learned.

The move is being discussed with the aim of creating a strong general insurance giant, similar to the Life Insurance Corporation of India (LIC), that can better compete with private players. The merger is also expected to boost the expansion and reach of general insurance services across the country.

According to sources, only initial discussions have taken place regarding the proposal. The government is also evaluating how the General Insurance Corporation (GIC) will handle the crop insurance business under the new structure.

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When contacted for a response, the Finance Ministry did not reply to Zee Business' email query.

(This article will soon be update)