State-run Insurers Should Increase Market Share, Says Chidambaram

News: P Chidambaram, India's Finance Minister, has asked the four state-owned non-life insurance companies to improve their 53% of market share with the aim of strengthening insurance penetration to global levels, reports Business Standard. The market share of the insurers has reportedly declined each year from 60.5% in FY2007/08 to the current level, according to the official data. However, state-owned life insurer LIC has been increasing its market share with premiums rising by 3.97% points to 75.3% in FY2013/14 from 71.4% in FY2012/13.

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Geography: India

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