The chart given above compares the ICR of PSGICs vs. private insurers over a horizon of three years (2011-14) and (2021-24). By taking the average for three years, any aberrations due to a change in accounting system are nullified. The chart reflects that the difference in total ICR has increased from 4.32% to 23.28% over the last ten years. As over the last ten years, both in AUM and investment income, private players have overtaken PSGICS by a huge margin. These numbers indicate serious challenges in the functioning of PSGICs. 

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