DFS Review Meeting on Public Sector General Insurance Companies Performance
A performance review meeting of Public Sector General Insurance Companies (PSGICs) was held on September 2, 2026 under the chairpersonship of Shri Sanjay Lohiya, Secretary of the Department of Financial Services (DFS), Ministry of Finance. The meeting comprehensively reviewed the financial and business performance of PSGICs for FY 2025-26, specifically covering underwriting performance across all Lines of Business (LoBs), Key Performance Indicators (KPIs), digital initiatives, and other operational issues.
Secretary Lohiya directed the PSGICs to strengthen their focus on profitable lines of business and implement suitable measures to reduce the Incurred Claim Ratio (ICR). He emphasized greater utilization of technology and accelerated digitalization while simultaneously optimizing expenditure on Information Technology and other digital initiatives.
The Secretary highlighted the need to improve communication, publicity, and customer outreach through social media and other platforms to enhance awareness about various insurance products. He specifically stressed expanding the outreach of PSGICs in underserved segments and geographical areas.
Key directives included improving insurance penetration and density while reducing protection gaps across the market. The Secretary advised establishing 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. He further emphasized the importance of expeditious and quality customer grievance redressal mechanisms.
The meeting was attended by Mrs. Rajeshwari Singh Muni (CMD, NICL), Shri Bhupesh S. Rahul (CMD, UIICL), Shri Sanjay Joshi (CMD, OICL), Dr. Lavanya R. Mundayur (CMD, AICIL), Mr. S. Sivasankar (ED, NIACL), and other senior officials from PSGICs. The DFS was represented by Dr. Debasish Prusty, Additional Secretary, and other senior officers of the department.