KOCHI: Chief Minister Pinarayi Vijayan on Saturday told employees in the insurance sector to be prepared for the impact of demonetisation, which could hit the sector, increase unemployment, and reduce household savings.
He was inaugurating a public meeting organised as part of the 24th general conference of All India Insurance Employees’ Association at Marine Drive. Speaking in English, Mr. Vijayan said the Union government had mounted a “brazen attack” on the public sector and warned that the move to privatise the insurance sector would not be in the best interest of the country.
While rejection of claims by the LIC was 1%, private sector rejections stood between 20 % and 33 %. The arrival of private sector insurers and their aggressive campaigns can also lead to the emergence of fraudulent practices, he added.
Insurance Employees’ Association president Amanulla Khan, general secretary V. Ramesh, CITU vice-president A.K. Padmanabhan, and district president P. Rajeev were among those who spoke on the occasion. The meeting was preceded by a rally organised by insurance employees.
