(a) the number of Government-run insurance companies operating in India during 2014-19;
(b) the details of the premium these companies collected during 2014-19;
(c) the details of the money these companies gave to claimant as re-imbursement to insurance customers during 2014-19 across India, sector and State-wise; and
(d) the details of the profit earned by these companies during the said period, company-wise?
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(a): There are 8 Government-run insurance companies operating in the country during 2014-19 which are detailed as below:
• Life Insurance Corporation of India (LIC) 100% owned by Government of India
• National Insurance Co. Ltd.,
• Oriental Insurance Co. Ltd. and
• United India Insurance Co. Ltd. 100% owned by Government of India
• New India Assurance Co. Ltd 85.44% owned by Government of India
• General Insurance Corporation of India (Re-insurer) 85.78% owned by Government of India
Specialised Insurance Companies
• Export Credit Guarantee Corporation of India Limited
• Agriculture Insurance Co. of India Ltd.
100% owned by Government of India
Not directly owned by Government of India. Share capital provided by public sector insurance companies and National Bank for Agriculture and Rural Development (NABARD).
(b): The details of premium collected by these companies during 2014-19 are as follows:
(Rs. in crore)
Financial Years Public Sector General Insurance Companies (PSGICs) – Gross Direct Premium Public Sector (Life) - Life Insurance Corporation of India (LIC) – Total Premium Public Sector Re-insurer -General Insurance Corporation of India (GIC) – Gross Premium
2014-15 49118.7 239667.65 15183.97
2015-16 55486.19 266444.21 18435.81
2016-17 71307.29 300487.36 33585.44
2017-18 79703.59 318223.21 41799.37
2018-19 79841.57 337505.07 44237.99
(c): The sector-wise details of claims paid during 2014-19 are as follows:
(Rs. in crore)
Financial Years PSGICs Public Sector (Life) - LIC Public Sector Re-insurer - (GIC)
2014-15 35874 144125.75 11891.77
2015-16 43034 141201.05 12899.86
2016-17 50112 166876.88 21646.41
2017-18 57645 196718.04 32953.55
2018-19 68275 249284.86 33739.95
As per Insurance Regulatory and Development Authority of India (IRDAI), State-wise details of total claims paid by public sector insurance companies is not maintained.
(d): The year-wise Profit/(Loss) after Tax earned (Rs. in crore) by these companies are as follows:
(Rs. in crore)
Financial Years PSGICs Public Sector (Life) - LIC Public Sector Re-insurer - (GIC)
2014-15 3442.15 1823.78 2693.72
2015-16 2082.17 2517.85 2848.39
2016-17 (1944.95) 2231.74 3127.67
2017-18 3206.29 2446.41 3233.58
2018-19 (2603.19) 2688.5 2224.31
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