New Delhi, May 28 -- Finance and corporate affairs minister Nirmala Sitharaman has directed public-sector general insurance companies (PSGICs) to develop innovative insurance products tailored to new and emerging risks, including cyber fraud, and to diversify their product portfolio in line with evolving consumer needs in a bid to strengthen operations and generate profits.

Three PSGICs-Oriental Insurance, United India Insurance and National Insurance-which were perpetually running into losses for the past few years, have generated some profits in the previous fiscal year. The government now wants these entities to maintain their growth path and expand operations while helping in realising the 'insurance for all' goal.

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