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The government has proposed to merge three public sector general insurance companies — National Insurance Company, Oriental Insurance Company and United India Insurance Company.
As on March 31, 2017, the three companies together had more than 200 insurance products with a total premium of Rs 41,461 crore and a market share of around 35 per cent.
Initial estimates suggest that the combined entity formed by merging the three insurers will be the largest non-life insurance company in India, valued at Rs 1.2-1.5 lakh crore.
Finance Minister Arun Jaitley in the Budget speech had announced that the three companies would be merged into a single insurance entity. The process of merger is likely to be completed during the current fiscal.
A senior insurance official who attended the meeting said, “Government has given a deadline to complete the merger by March 31, 2019, as from April 1 there should be a single merged entity, and within a month tender with terms and condition for the external consultant will be notified.”