In 2021-22, the PSU general insurers have reduced their number of employees to 42,500 from 49,149 in 2020-21 while the private sector general insurers including five stand alone health insurers have grown their workforce aggressively to 1,09,000 in 2021-22 from 92,966 in 2020-21
Similarly, LIC’s workforce has fallen by almost five per cent to 1,04,000 in 2021-22 from 1,09.000 in 2020-21 while 23 private sector life insurers have expanded their workforce to 2.51.000 in fy 2021-22 from 2,09.000, up 20 per cent, in Fy 2020-21
The total size of the workforce in the PSU space including LIC has declined as only 13,591 new appointments were made though there were 34,531 vacancies
New Delhi:
The public sector insurers particularly primary multiline general insurers have cut down their workforce by 20 per cent over last five years while the private sector insurers have ramped up their manpower substantially during the period.
The total size of manpower in the seven PSU insurance companies- New India Assurance Company(NIA), National Insurance Company(NIC), United India Insurance Company(UIIC), Oriental Insurance Company(OIC), Agriculture Insurance Company of India(AIC) and Life Insurance Corporation(LIC)-has fallen to to 1,49,266 as on 31 March, 2022 from 1,73,797 employees -as on 31 March, 2018, the government data presented in Rajya Sabha shows.
In FY2021-22, the PSU general insurers have reduced their number of employees to 42,500 from 49,149 in FY 2020-21 while the private sector general insurers including five stand alone health insurers have grown their workforce aggressively to 1,09,000 in FY 2021-22 from 92,966 in FY 2020-21, according to the figures available with General Insurance Council.
Similarly, LIC’s workforce has fallen by almost five per cent to 1,04,000 in 2021-22 from 1,09.000 in 2020-21 while 23 private sector life insurers have expanded their workforce to 2.51.000 in fy 2021-22 from 2,09.000, up 20 per cent, in Fy 2020-21,
The total size of the workforce in the PSU space including LIC has declined as only 13,591 new appointments were made though there were 34,531 vacancies.
In a written reply to questions raised by CPI(M) MP AA Rahim in Rajya Sabha, Minister of State for Finance Dr Bhagwat Karad said the PSICs are Board governed commercial entities and appointment of officers and staff is done by the companies on the basis of requirement.
Two general insurance companies – NIC and OIC — have not recruited a single person for the last four/five years, Parliament was told.
The Delhi headquartered OIC has not hired any fresh employee for the past five years, in the case of the Kolkata headquartered NIC, it is four years since the company saw fresh blood.
Agriculture Insurance Company of India Limited (AICIL) had recruited one person in 2021-22 and 45 persons in 2017-18 and zero hiring during the intervening years.
The hiring by the government insurers since FY18 are: Life Insurance Corporation of India (FY19- 4,177 persons, FY 20-6,153 and FY20 -736), NIA (FY18-297, FY19-684, FY20-304, FY22-209), NIC (FY18-202), GIC Re (FY18-31, FY19-21, FY20 and FY22-27 persons), UII (FY18-657, FY19-12, FY-21- 8) and AIC (FY18-45 and FY22 -1 person).
LIC has made the highest number of appointments — 11,066 — in five years though it did not appoint a single person in 2020-21.
The New India Assurance Company saw its employees dwindling from 17,880 to 13,929 while Oriental Insurance’s figures fell from 13,667 to 9,440 and United India’s from 15,926 to 11,523. National Insurance Company’s employee count fell from 13,440 to 9,569 and Agriculture Insurance Company of India from 324 to 275. General Insurance Corporation had 581 employees in March 2018 and it fell to 494 in March this year.