Kerala Insurance Conclave
  • The recent hike in FDI limit in the insurance sector will spur the growth of the industry in a big way, M Radhakrishnan Nair, Member (Finance and Investment), IRDA, has said.
  • The hike in the FDI limit to 49 per cent in the Union Budget would bring more foreign capital to the industry.  "This will help companies to expand its operation at a rapid pace and also help improve technology," he told reporters on the sidelines of "Kerala Insurance Conclave: Towards Development and Better Delivery' organised by CII.

Impressive growth

  • After the libraliation, he said, the insurance industry has witnessed impressive growth with life insurance business growing at a rate of 18.42 per cent in the last 14 years.  Similarly, the general insurance sector has seen a growth of 16.62 per cent.  The entry of standalone health insurance companies has resulted in increase in general insurance premium.
  • The Key growth drivers for the industry are fiscal incentives, capital, distribution reforms, and consumer awareness and consumer protection, he added.
  • Earlier, speaking at the conference, Nair said that the future agenda for the sector include leveraging technology, pricing the agriculture insurance for wider coverage, expanding the health insurance coverage by taking advantage of government ponsored schemes, launching of new products like catastrophe bonds and mechanism for tapping uninsured vehicles.
  • VP Nandakumar, Managing Director and CEO of Manappuram Finance Ltd, said, "We can see that insurance regulatory framework has evolved over the last decade to match the needs of the sector.  It is estimated that around 14 crore policies are sold every year."
  • "We claim that we have a better human development index thanks to the emphasis laid on education, healthcare etc.  But is it a sustainable model? In the field of higher education, healthcare, infrastructure and power, can we evolve a PPP model that can sustain economic growth?" he asked.
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Knowledge Resources
You will get access to following Knowledge Resources by subscribing to the Digital Library of this event.
Towards Development and Better Delivery - Insurance Industry - National Perspective
Opportunity and Challenges in Non life Insurance Sector
Current Global Risk & Insurance Scenario
Personal Lines of Insurance
Banks as Insurance Brokers - Opportunities & Challenges
Innovation in Health Insurance: Need of the Hour
Health Insurance in Kerala - Opportunities & Challenges - A Perspective by United India Insurance Co Ltd
Health Insurance in Kerala - Opportunities & Challenges - A Perspective by Riya Tour and Travel
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