This is an important step forward for the Indian Insurance sector – in the public corps arene..
Loss Prevention Association (LPA), the country’s premier risk management service provider, will be merged with General Insurance Corporation of India (GIC).
Earlier, it was decided by LPA’s sponsors that the association would be dismantled and its employees absorbed by the four public sector general insurers and GIC.
In a change of decision, GIC has now firmed up plans of merging LPA with itself. LPA was formed in the 1970s by GIC and the four general insurers — National Insurance, Oriental Insurance, New India Assurance and United India — which were erstwhile subsidiaries of GIC.
“The merger will result in the LPA premises as well as its risk assessment specialists coming under GIC’s fold. Over the years, LPA has built expertise in industrial, chemical, and allied risk assessment.