Debasish Panda,chairman, IRDAI
“This meeting was for general update and to review industry performance in terms of growth, loss ratio, claim settlement ratios, initiatives taken by the IRDAI in the last few months and as an industry what else can be done to improve penetration and market growth,’’ said a CEO of a company who had attended the meeting.
Mumbai:
IRDAI chairman Debasish Panda today met CEOs of a few general re/insurers including health insurers briefly in Mumbai to review performance of the industry and seek ideas from the industry leaders to improve the insurance penetration in the country.
Thomas Devasia, member, Non-life, was also there in the meeting.
Like earlier meetings, titled as `Bima Manthan’ where Panda had met CEOs of the entire industry, with elaborate agenda, there was no pre set agenda for Tuesday’s meeting and a very selective CEOs of general re/insurance industry, mostly Mumbai based, were invited for it.
“This meeting was for general update and to review general industry performance in terms of growth, loss ratio, claim settlement ratios, initiatives taken by the IRDAI in the last few months and as an industry what else can be done to improve penetration and market growth,’’ said a CEO of a company who had attended the meeting.
Today’s discussion had focused on penetration and what all is required from the regulator to push reforms in the industry, said a CEO of another company.
“Emphasis was on how can we provide more products and distribution reach,” he said.
Panda, after taking over as the chairman of the IRDAI in mid March has been unveiling extensive plans and changes across the functioning of the industry promoting ease of doing business, technology and insurance penetration in the country.
A lot of his plans like reducing minimum capital and allowing smaller insurance firms in the country need amendments in the Insurance Act.
Now, the industry is keenly waiting whether these amendments can go through the winter session of the parliament.