India: New privatisation policy may label insurance as strategic sector
Source: Asia Insurance Review | Sep 2020
The government of India may classify insurance as a strategic sector under a new privatisation policy along with sectors such as railway, defence and atomic energy.
According to federal government sources, the changes are aimed at privatising public sector insurers, up to a maximum of four companies. There are a total of eight state-run insurers including six general insurance companies and one reinsurer.
Local media also reported that state-run insurers such as National Insurance, United India Insurance and Oriental Insurance could be privatised after the government halted the proposed merger of the three insurance companies. A