Ministry of Finance press release · 4 May 2026 · pibtracker filter

Secretary, DFS chairs a Review meeting of Vision Strategy Documents of Public Sector Insurance/Reinsurance Companies

PRID2257922 MinistryMinistry of Finance Released4 May 2026 Reading8 min

Sh. M. Nagaraju underscores the need to expand insurance coverage to a wider segment of the population, advises companies to prioritize inclusion of more individuals under the ambit of insurance Posted On: 04 MAY 2026 9:04PM by PIB Delhi A meeting was co nvened under the chairpersonship of Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Financ e today to undertake a comprehensive review of the Vision Strategy documents of three Public Sector Insurance/ Reinsurance companies, namely Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re) and Oriental Insurance Co Ltd. (OICL) The Vision Strategy documents covering the medium-term (three-year) and long-term (five-year) horizons were examined. Throughout the discussions, Secretary (DFS) offered strategic direction aimed at boosting operational efficiency and reinforcing financial stability, while underscoring the importance of fostering sustainable growth. Instructions were also issued to further develop Human Resource and Information Technology strategies to enhance overall service delivery. Secretary (DFS) emphasized that the policies of the companies should be oriented towards increasing overall insurance penetration and density, while ensuring retention of market share. He further underscored the need to expand insurance coverage to a wider segment of the population, advising that companies should prioritize inclusion of more individuals under the ambit of insurance rather than concentrating predominantly on big-ticket policies. The companies were advised to devise investment and underwriting strategies to reduce loss ratios. Other key areas that were deliberated upon are as below : developing new and innovative customized products, augmentation of digital and technological capabilities while adhering to prescribed cybersecurity frameworks, expansion of insurance services through online platforms, timely resolution of public grievances, expanding distribution networks and enhancing communication & publicity through various platforms, including social media. The meeting was also attended by Shri Sanjay Lohiya (Special Secretary, DFS), Dr. Debasish Prusty (Additional Secretary, DFS), CEO & MD of LIC, Mr R. Doraiswamy, ED of GIC Re, Shri Hitesh Joshi, and CMD of OICL, Shri Sanjay Joshi and other senior officers of this Department and Companies. ****** AD (Release ID: 2257922) Visitor Counter : 3013 Read this release in: Urdu , हिन्दी , Punjabi , Gujarati Ministry of Finance Secretary, DFS chairs a Review meeting of Vision Strategy Documents of Public Sector Insurance/Reinsurance Companies Sh. M. Nagaraju underscores the need to expand insurance coverage to a wider segment of the population, advises companies to prioritize inclusion of more individuals under the ambit of insurance Posted On: 04 MAY 2026 9:04PM by PIB Delhi A meeting was co nvened under the chairpersonship of Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Financ e today to undertake a comprehensive review of the Vision Strategy documents of three Public Sector Insurance/ Reinsurance companies, namely Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re) and Oriental Insurance Co Ltd. (OICL) The Vision Strategy documents covering the medium-term (three-year) and long-term (five-year) horizons were examined. Throughout the discussions, Secretary (DFS) offered strategic direction aimed at boosting operational efficiency and reinforcing financial stability, while underscoring the importance of fostering sustainable growth. Instructions were also issued to further develop Human Resource and Information Technology strategies to enhance overall service delivery. Secretary (DFS) emphasized that the policies of the companies should be oriented towards increasing overall insurance penetration and density, while ensuring retention of market share. He further underscored the need to expand insurance coverage to a wider segment of the population, advising that companies should prioritize inclusion of more individuals under the ambit of insurance rather than concentrating predominantly on big-ticket policies. The companies were advised to devise investment and underwriting strategies to reduce loss ratios. Other key areas that were deliberated upon are as below : developing new and innovative customized products, augmentation of digital and technological capabilities while adhering to prescribed cybersecurity frameworks, expansion of insurance services through online platforms, timely resolution of public grievances, expanding distribution networks and enhancing communication & publicity through various platforms, including social media. The meeting was also attended by Shri Sanjay Lohiya (Special Secretary, DFS), Dr. Debasish Prusty (Additional Secretary, DFS), CEO & MD of LIC, Mr R. Doraiswamy, ED of GIC Re, Shri Hitesh Joshi, and CMD of OICL, Shri Sanjay Joshi and other senior officers of this Department and Companies. ****** AD (Release ID: 2257922) Sh. M. Nagaraju underscores the need to expand insurance coverage to a wider segment of the population, advises companies to prioritize inclusion of more individuals under the ambit of insurance" /> A meeting was convened under the chairpersonship of Shri M. Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance today to undertake a comprehensive review of the Vision Strategy documents of three Public Sector Insurance/ Reinsurance companies, namely Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re) and Oriental Insurance Co Ltd. (OICL) The Vision Strategy documents covering the medium-term (three-year) and long-term (five-year) horizons were examined. Throughout the discussions, Secretary (DFS) offered strategic direction aimed at boosting operational efficiency and reinforcing financial stability, while underscoring the importance of fostering sustainable growth. Instructions were also issued to further develop Human Resource and Information Technology strategies to enhance overall service delivery. <img src="https://static.pib.gov.in/WriteReadData/userfiles/image/image00157I9.jpg" style="height:431px; width:634px" /> Secretary (DFS) emphasized that the policies of the companies should be oriented towards increasing overall insurance penetration and density, while ensuring retention of market share. He further underscored the need to expand insurance coverage to a wider segment of the population, advising that companies should prioritize inclusion of more individuals under the ambit of insurance rather than concentrating predominantly on big-ticket policies. The companies were advised to devise investment and underwriting strategies to reduce loss ratios. Other key areas that were deliberated upon are as below : <ul> <li style="text-align:justify">developing new and innovative customized products, </li> <li style="text-align:justify">augmentation of digital and technological capabilities while adhering to prescribed cybersecurity frameworks, </li> <li style="text-align:justify">expansion of insurance services through online platforms,</li> <li style="text-align:justify">timely resolution of public grievances,</li> <li style="text-align:justify">expanding distribution networks and enhancing communication & publicity through various platforms, including social media.</li> </ul> The meeting was also attended by Shri Sanjay Lohiya (Special Secretary, DFS), Dr. Debasish Prusty (Additional Secretary, DFS), CEO & MD of LIC, Mr R. Doraiswamy, ED of GIC Re, Shri Hitesh Joshi, and CMD of OICL, Shri Sanjay Joshi and other senior officers of this Department and Companies. ****** AD " /> var mPlayer = document.getElementById("background_music"); var mPlayAction = document.getElementById("playbutton"); var isPlaying = false; function playAudio() { mPlayer.play(); isPlaying = true; document.getElementById('stopA').style.display = "block"; document.getElementById('playA').style.display = "none"; } function pauseAudio() { mPlayer.pause(); isPlaying = false; document.getElementById('playA').style.display = "block"; document.getElementById('stopA').style.display = "none"; } //function HandleAudio() { // if (isPlaying == true) { // //Playing already Pause it // pauseAudio(); // } else { // //Play the music // playAudio(); // } //} var synth = window.speechSynthesis; function CleanHtml(html) { html = html.replace(/ /gi, ''); return html; } function stripHtml(html) { let tmp = document.createElement("DIV"); tmp.innerHTML = CleanHtml(html); 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} } /* === Film Roll Badge Styling(IFFI2025 countdown) === */ .film-roll-badge { position: absolute; top:82%; right: 20px; width: 230px; height: 70px; background: repeating-linear-gradient( to right, #9a2375 0px, #9a2375 18px, #6e2b8b 18px, #6e2b8b 36px ); border-top: 8px solid #9a2375; border-bottom: 8px solid #9a2375; border-radius: 8px; overflow: hidden; box-shadow: 0 4px 12px rgba(0, 0, 0, 0.4); animation: moveFilm 8s linear infinite; z-index: 10; } /* film sprocket holes */ .film-roll-badge::before, .film-roll-badge::after { content: ""; position: absolute; width: 100%; height: 10px; background: repeating-linear-gradient( to right, #9a2375 0px, #9a2375 10px, #fff 10px, #fff 20px ); left: 0; z-index: 2; } .film-roll-badge::before { top: -4px; } .film-roll-badge::after { bottom: -4px; } .film-roll-inner { position: relative; height: 100%; display: flex; align-items: center; justify-content: center; animation: flicker 2s infinite ease-in-out; } .countdown-text { font-size: 1.3rem; font-weight: 700; color: #fff; text-shadow: 0 0 6px rgba(255, 255, 255, 0.4), 0 0 10px #000; white-space: nowrap; } /* === Animations === */ @keyframes moveFilm { 0% { background-position: 0 0; } 100% { background-position: 120px 0; } } @keyframes flicker { 0%, 100% { opacity: 1; } 50% { opacity: 0.9; } 25% { opacity: 0.95; } 75% { opacity: 0.85; } } /* === Responsive Adjustments === */ @media (max-width: 1500px) { .film-roll-badge { top: 68%; right: 18px; /* width: 220px; */ height: 65px; font-size: 0.85rem; } .press-section { margin-top: 35px; } } @media (max-width: 992px) { .film-roll-badge { top: 52%; right: 10px; width: 200px; height: 60px; } } @media (max-width: 768px) { .film-roll-badge { top: 56%; right: 10px; width: 124px; height: 55px; } .countdown-text { font-size: 0.9rem; } } @media (max-width: 576px) { .film-roll-badge { top: 59%; right: 5px; /* width: 160px; */ height: 50px; } .countdown-text { font-size: 0.85rem; } } const festivalStart = new Date("2025-11-20T00:00:00").getTime(); const festivalEnd = new Date("2025-11-28T23:59:59").getTime(); const countdownElement = document.getElementById("countdown"); const interval = setInterval(() => { const now = new Date().getTime(); // BEFORE FESTIVAL — show days + hours left if (now = festivalStart && now el.style.width = "350px"); clearInterval(interval); } }, 1000); //

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Secretary, DFS chairs a Review meeting of Vision Strategy Documents of Public Sector Insurance/Reinsurance Companies

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