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The total new business premium income of
the Indian insurance industry, both life and non-life, stood at Rs 34,828 crore
for the year ended March 31, 2004. "The share of life insurance premium
was Rs 18,710 crore while it was Rs 16,118 crore from general insurance
sector", Insurance Regulatory and Development Authority member T K
Banerjee said at a Banking, Insurance & Finance Total Solution (BIFT)
seminar here on Friday. The total foreign direct investment in
Indian insurance sector currently was pegged at Rs 1,021 crore while paid-up
capital of insurance industry stood at Rs 5,518 crore, he said. "Today the
major concern of the regulator is development of health insurance. Till now
health insurance has been marketed by non-life insurers and the life insurance
companies have not shown much eagerness except in the area of critical illness
products", he said. "In India, retail insurance
business has been prerogative of life companies and unless we are able to
attract life companies to this area the growth of health insurance in the
country will continue to be slow", Banerjee added. Referring to a complaint which IRDA was
receiving from the banking sector regarding the regulator's restriction of a
bank having a corporate agency with only one life insurer and one non-life
entity, he said "it is a conscious decision taken by IRDA after looking
into the mal-practices in market conduct that have developed in some countries
where it is allowed". |
