DFS Review Meeting on Public Sector General Insurance Companies Performance
The Department of Financial Services (DFS) conducted a comprehensive review meeting of Public Sector General Insurance Companies (PSGICs) on September 2, 2026, chaired by Secretary Shri Sanjay Lohiya. The meeting focused on evaluating the financial and business performance of PSGICs for FY 2025-26, specifically examining underwriting performance across all Lines of Business, Key Performance Indicators, digital initiatives, and operational issues.
Secretary Lohiya directed the PSGICs to strengthen their focus on profitable lines of business and implement measures to reduce the Incurred Claim Ratio (ICR). He emphasized the need for greater technology adoption and accelerated digitalization while optimizing expenditure on Information Technology and other digital initiatives. The Secretary specifically advised companies to enhance communication, publicity, and customer outreach through social media and other platforms to increase awareness about insurance products and expand reach in underserved segments and areas.
A key directive included improving insurance penetration and density while reducing protection gaps across the market. The Secretary emphasized the establishment of a robust and standardized KPI framework across all PSGICs to enable consistent and comparable assessment of both financial and non-financial performance, with quarterly reviews mandated. Additionally, companies were instructed to ensure expeditious redressal of customer grievances while maintaining focus on the quality of resolution.
The meeting was attended by senior leadership from all major PSGICs including Mrs. Rajeshwari Singh Muni (CMD, NICL), Shri Bhupesh S. Rahul (CMD, UIICL), Shri Sanjay Joshi (CMD, OICL), Dr. Lavanya R. Mundayur (CMD, AICIL), and Mr. S. Sivasankar (ED, NIACL). The DFS was represented by Dr. Debasish Prusty, Additional Secretary, and other senior department officers.