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The Indian government plans to ask four public sector general insurers, namely, The Oriental Insurance Co. Ltd., National Insurance Co. Ltd., United India Insurance Co. Ltd. and The New India Assurance Co. Ltd., to set up an insurance joint venture to cut the insurance cost of the nation's shipowners, reported The Hindu BusinessLine.
The joint venture will be launched in the fiscal year 2016-17, said a government official.
The joint venture will offer covers like protection and indemnity to shipping companies at rates lower than current global averages.