Indian insurance workers’ union slams privatisation of firms

Privatisation is detrimental to national interests, argues union leader

Indian insurance workers’ union slams privatisation of firms

Insurance News

By Gabriel Olano

The All India Insurance Employees’ Association (AIIEA) has criticised the Indian government’s moves to privatise its state-owned insurance firms, saying that these companies have been effectively serving the country since they were nationalised in 1971.

Sanjay Jha, secretary of AIIEA’s standing committee for general insurance issued the statement at a regional conference of insurance employees, The Hindu reported. This followed the government’s divestment of 15% of shares in New India Assurance and General Insurance Corporation of India amid stiff opposition from employees.

Jha said that the government is planning to divest an additional 10% of shares from these firms. He urged the government not to push through with the plan, because it will be detrimental to national interest and the individual policyholders.

The conference also issued several resolutions, including calls for the government to stop amending labour laws in favour of corporations, as well as to ensure pensions for all employees who joined general insurance companies after April 2010.

It also condemned the deaths of 13 people, who were killed in May when police fired on protesters rallying against Sterlite Copper, which was eventually ordered to shut down due to environmental violations.


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