Secretary, DFS Chairs Review Meeting on Financial and Business Performance of Public Sector General Insurance Companies (PSGICs)
Secretary of the Department of Financial Services chaired a performance review meeting on 02.09.2026 with Public Sector General Insurance Companies to assess their financial and business performance for FY 2025–26. The Secretary advised PSGICs to focus on profitable lines of business, reduce Incurred Claim Ratio, accelerate digitalization, improve customer outreach, and strengthen KPI monitoring frameworks.
Why It Matters
Relevant for UPSC and state-PSC candidates studying government administration, public sector performance management, and financial services regulation in India.
In Simple Words
DFS Secretary Sanjay Lohiya chaired a review of Public Sector General Insurance Companies' (PSGICs) FY 2025-26 performance, covering underwriting results, key performance indicators and digital initiatives. He asked them to focus on profitable business lines, lower their Incurred Claim Ratio, and use technology to cut costs while improving customer outreach.
He also called for a standardised, quarterly-reviewed KPI framework across PSGICs to allow consistent comparison, along with better insurance penetration in underserved areas and faster, higher-quality grievance redressal.
Key Points
- Meeting held on 02.09.2026 under Shri Sanjay Lohiya, Secretary, DFS
- Reviewed financial and business performance of PSGICs for FY 2025–26
- Focus areas: underwriting performance, KPIs, digital initiatives, and operational issues
- Secretary advised strengthening focus on profitable lines of business and reducing Incurred Claim Ratio (ICR)
- Emphasis on greater use of technology and accelerated digitalization
- Advised improvement in communication, publicity, and customer outreach via social media
- Recommended robust and standardized KPI framework with quarterly reviews
- Attendees included CMDs of NICL, UIICL, OICL, AICIL and ED of NIACL
Exam Angle
A. The Incurred Claim Ratio (ICR).
Source: Press Information Bureau