Foreign equity in insurance opposed

The premium collected by the public sector insurance companies last month is more than the premium income collected by the private insurance companies in the whole year. In spite of a situation like this, the Union government’s move to increase foreign investment in general insurance needs to be seen as an act of malice, said J. Gurumurthy, the standing committee secretary of All India Insurance Employees’ Association. Addressing the 35th annual conference of the General Insurance Employees’ Union (GIEA), Gurumurthy said that while the premium income of public sector companies rose last year, the private companies’ premium income has gone down. The State president of the union K. Ajayan presided over the function.