GIC officers calls for survival in the open market regime

Lucknow, Oct 6: General Insurance Officers All India Association(GIOAIA), has called upon the public sector insurance companies to introspect the strength and weakness and to chalk out the business strategy for survival in the open market regime.

In its second Annual general body meeting here today, GIOAIA president Sanjeev Kumar said that de-traff regime of the sector has already witnessed cut-throat competition between the companies and now with companies being able to devise their own products and policy terms from next fiscal, it will be increasingly difficult for the public sector insurance companies.

Mr Kumar said the PSUs were facing tough competition with the private insurance companies and has already lost some market share. However, Mr Kumar said that this regime has benefitted the customers and they are taking full advantage of the situation.

UNI