Merge Insurance Companies: AIIEA

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Tiruchirapalli, Nov 19: All-India Insurance Employees' Association (AIIEA) has demanded the merger of United India Insurance, New India Assurance, National Insurance and Oriental Insurance into a single Corporation.

The members of the association had already embarked on a campaign to garner support for their demand by approaching the MPs and MLAs of all political parties, according to AIIEA Standing Committee Secretary J Gurumurthy.

Talking to newspersons here yesterday, he said nine private companies had forayed into the non-life Insurance business, following the opening of the Insurance Sector.

Mr Gurumurthy said in an era of mergers and acquisitions, there was no need for four different public sector companies to carry on with the same business. The Government should merge the four companies and create a monolith akin to the Life Insurance Corporation, he added.

He said the business interests and the social objectives could be well served through the merger of the four companies.

He criticised the Union Finance Minister P Chidambaram, who had been advocating for the merger of banks, for his hesitation on the issue.


UNI

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