Page 40 - The Insurance Times September 2024

Indian Ocean, transporting goods between ports. However, anecdotes. While some are intimidating, some are genuinely
financial difficulties plagued the venture, and by 1879, the confusing. The mystery of Mary Celeste unequivocally comes
ship was sold again. The subsequent years saw the Mary into the latter cadre and is worth considering.
Celeste embroiled in several accidents and mishaps. These
incidents, combined with the ship's infamous history, made
it increasingly difficult to secure profitable ventures or find
willing crews.

By the 1880s, the ship's reputation had significantly
deteriorated, and it was largely seen as an ill-fated vessel.
The final chapter in the Mary Celeste's story came in 1885.
An American named Gilman C. Parker became her last
captain. Seeing no profitable future in honest trade for the
ship, Parker, along with a group of conspirators, hatched a
plan to deliberately wreck the Mary Celeste to claim
insurance money. They loaded the ship with a worthless
cargo, insured it heavily, and then intentionally ran it
Mary Celeste
aground near Haiti.
*I am thankful to Dr.S.Mukherjee, a Maritime Legal Expert
The scheme, however, was quickly uncovered. Parker and
and International Investigator for Maritime Fraud for his
his accomplices were brought to trial, but due to a lack of
advice
evidence, they were acquitted. The scandal, nonetheless,
tarnished Parker's reputation, and he faced financial ruin
Dr.Soumi Mukherjee completed her Graduation in Mass
and public disgrace until his death.
Media and Masters in Mass Media from University of
As for the Mary Celeste, her wrecked remains lay forgotten Mumbai, later completed her Ph.d. She is interested in
near the Haitian coast. Investigative Journalism related with History, Geography,
Zoology etc. She is currently serving in Media Officer
The marine world has seen more than its share of ghost ship with International Police Organization.

Finance Ministry Urges State-Owned Insurance Companies to Fo-

cus on Profitable Ventures

The finance ministry has directed state-owned general insurance companies to prioritize profitable ventures over
merely chasing top-line growth. The government recently infused Rs 7,250 crore into three public sector insurers:
National Insurance Company Limited, Oriental Insurance Company Limited, and United India Insurance Company.
According to Financial Services Secretary Vivek Joshi, these companies are showing improved performance, poten-
tially eliminating the need for further capital infusion. For instance, Oriental Insurance reported a profit of Rs 18
crore in FY24, reversing a Rs 5,000 crore loss from the previous year. National Insurance and United India Insurance
also significantly narrowed their losses.
The ministry is addressing operational challenges, asking these companies to exit loss-making segments such as motor
and health insurance. Since 2020-21, key performance indicators linked to reforms have been implemented to en-
sure efficient capital utilization and drive profitability.

The companies, previously under a hiring freeze, are now encouraged to recruit balanced workforces. This move
aims to bolster their operational capacities and financial performance further.
New India Assurance, the only listed state-owned general insurer, increased its profits from Rs 1,000 crore in FY23
to Rs 1,100 crore in FY24. The government has also announced plans to privatize one general insurance company,
indicating a shift towards a more competitive market approach.

36 September 2024 The Insurance Times