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Women power to steer two of three beleaguered PSU non-life insurers
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SME Times News Bureau | 31 Jul, 2020
Women power will be steering forward two of the three beleaguered government owned non-life insurers, said industry officials.
The
central government has decided to appoint S.N. Rajeswari, General
Manager, New India Assurance Company Limited as Chairman-cum-Managing
Director (CMD) of Oriental Insurance Company Ltd.
The formal orders are expected to be issued soon.
Once
Rajeswari, a qualified Chartered Accountant, takes charge at the
Delhi-based Oriental Insurance then she will be the second woman to head
a public sector general insurance company.
The first woman to head a government owned general insurer was Tajinder Mukherjee, CMD, National Insurance Company Ltd.
"The
National Insurance and Oriental Insurance will be headed by two women
during a crucial time. The companies have to beef up their solvency
norms, increase their business and also the profitability," a senior
industry official not wanting to be quoted told IANS.
The central
government had recently scrapped its decision to merge United India
Insurance Company Ltd, National Insurance and Oriental Insurance into
one company much to the disappointment of the employees.
The
government has announced the infusion of Rs 12,450 crore capital, which
included Rs 2,500 crore given in FY20, in the three insurers. Of this,
Rs 3,475 crore is to be infused immediately and the rest Rs 6,475 crore
later.
"Owing to the Covid-19 pandemic, new business for the
industry has gone down. To that extent there will not be pressure on the
three government companies for capital to meet the solvency norms. The
capital that will be infused will enable the companies to meet the
solvency norms," an industry official said.
To ensure optimum use
of the new capital, it issued guidelines in the form of KPIs (key
performance indicators) for raising business efficiency and profitable
growth.
"In National Insurance, the CMD is focusing on cutting
down the loss making business. The company is getting back on track. It
will also be good if she clears fast the appointments under
compassionate grounds like the other three companies," K. Govindan,
General Secretary, General Insurance Employees All India Association,
told IANS.
Be that as it may, women power is coming to the fore
in the government owned insurance sector as there were three women
contenders apart from men for the top post in Oriental Insurance.
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