Pranab calls for private-public partnership in insurance
February 6th, 2011 - 12:01 am ICT by IANS
Ragunathganj (West Bengal), Feb 5 (IANS) Union Finance Minister Pranab Mukherjee Saturday advocated public-private partnership in the insurance sector to bring more people under its cover.”In our country, the total number of people under insurance coverage is very low. In life insurance segment, however, the number of people under insurance coverage is now increasing. But in general insurance segment the coverage is only 8-10 percent, which is very low.
“In other countries of the world, about 80 percent of the people are insured,” Mukherjee told a gathering on the occasion of opening an agent training institute and a new branch office of Universal Sompo General Insurance Company Limited here in Murshidabad district.
“We should go for private-public partnership in insurance sector to bring more people under its cover and make insurance products more acceptable to the masses,” he said.
Universal Sompo General Insurance company is a joint venture between Allahabad Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp and Sompo Japan Inc. The company started its operation in November 2008.
“In the 1970s, the central government nationalised general insurance and life insurance companies, but we saw that only the government was not being able to reach out to the masses in insurance sector. Then in the 1990s, we allowed the private sector companies to enter the sector,” the finance minister said.
“Now private and public sector companies are doing business together,” he said.
Calling for more awareness among the people for getting insured, Mukherjee said insurance agents should be trained to make the people aware about the benefits.
- It is a status quo budget with routine announcements: Insurance sector (Lead) - Mar 16, 2012
- India launches $2 billion infrastructure debt fund - Mar 05, 2012
- Government to expand banking, insurance services in northeast - Dec 10, 2011
- India plugs trillion dollar opportunity in infrastructure (Daylead) - Jun 29, 2011
- Abu Dhabi seeks German investments in farming - Apr 06, 2011
- Pranab to address US-India economic summit Monday - Jun 26, 2011
- India woos US with $1 trillion infrastructure business (Evening Lead) - Jun 29, 2011
- New ULIP norms will build investor confidence: Pranab - Sep 01, 2010
- India to host Global Tourism Mart - Sep 08, 2011
- GE chief Immelt lauds Indian entrepreneurship - Sep 26, 2011
- Gadkari invites British, EU investments in BJP-ruled states - Jul 20, 2011
- IPO norms to be out once valuation method is finalised: IRDA chief - Sep 15, 2011
- Making housing affordable: Realty industry needs budget boost (Comment) - Feb 26, 2012
- India invites US to help finance infrastructure projects (Second Lead) - Jun 29, 2011
- Budget promises reforms, growth-focus, inflation-check (Second Lead) - Feb 28, 2011
Tags: allahabad bank, dabur, general insurance company, indian overseas bank, insurance agents, insurance coverage, insurance products, insurance sector, japan inc, karnataka bank, life insurance companies, life insurance segment, pranab mukherjee, private public partnership, private sector companies, public private partnership, public sector companies, sompo japan, union finance minister, west bengal