For the fiscal year 2023–2024, the Indian Ministry of Finance plans to infuse 30 billion INR (365.6 million USD) to the capital of National Insurance Company, Oriental Insurance Company, and United India Insurance.
Sources claim that these companies have been urged to raise their solvency ratio and reach the regulatory standard of 150 percent. Solvency ratio is a metric for adequate capital. A higher ratio demonstrates the company’s stronger financial condition and ability to cover future contingencies and commercial expansion plans.
It should be noted that In FY22, the Indian government gave three insurers—National Insurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company—capital totaling Rs 5,000 crore.