How do you see the Indian general insurance market by 2025?Can the present growth momentum be maintained over a period of time?

 A double-digit growth has already started happening in the industry and we are expecting that it will continue to happen until 2025. Crop insurance will drive the growth substantially.


What need to be done to deepen insurance penetration in the country and bring more economic losses in to fold of insurance coverages?

It’s basically making people to be aware. Also, it needs to simplifying our products including making our claim settlement process faster. Regulator is doing its job well. Its oversight of the industry is good.

The idea of sandbox regulation is good as it allows to introduce new products.We at NIC will definitely thinking in that direction.


Will the Indian insurance industry be dominated by the retail business or Corporate insurance can revive in the future?

Corporate business is always there due to lenders’ pressure. Thus most of the corporates are already fully insured. The growth will happen in retail. Though there is a need of having right products here. Retail is where you need to add your number. NIC will concentrate on retail more.


Do you think the new health insurance of the government- National Health Protection Scheme(NHPS) offering $7,000 free cover for 500 million people wouldn’t be a big business for general insurers? Why?

Only six states have opted to go for complete insurance model under Ayushman Bharat scheme. Depending upon their experience of the six states and how has the trust model worked, they will take a call next year,


How tech-savvy is the Indian non-life market? Do you think insurtech can play a bigger role in the Indian non-life insurance industry? 

Insurtech can play a major role. It will help increase penetration and save cost.


What is the future of the public sector insurance companies and why they  are gradually losing their market share despite having larger platform than private sector?

More companies are coming up. The new private sector companies are coming up with ready-to-use technology platform and more agile.We are also changing our focus and working towards development of such platforms.


What is the time frame that merger of three companies can be achieved and What will be impact of the proposedmergerson the Indian industry?

I can’t say anything about the time-frame for the merger process to complete. I can only say that a process has started with appointment of a consultant. Definitely the largest general insurer will emerge in terms of market share.

Once it happens, the merged entity will be the largest entity with 31 per cent market share when compared to the 16 per cent market share as being enjoyed by New India Assurance,  


What has been the role reinsurers led by GIC Re in supporting the market?How the entries of new set of reinsurers have benefitted the Indian market?

GIC Re has been a great support, particularly in the segment of crop insurance. They understand the market very well. They are well placed to ensure the development of the country’s general industry.


Are brokers playing any important role in the Indian general insurance market? Will allowing 100% FDI in broking will be a positive development for the Indian insurance industry?

It will not make a much of difference. However, 100 per cent FDI will bring much more international expertise. It will be subject to the country’s regulation.


What is your agenda for NIC?How do you plan to raise the capital, bring down the underwriting losses and grow your  business?

 Priority is to improve combined ratio, which was currently hovering at 140 per cent at the moment. We would like to bring it down to close to 100 per cent over next 3-5 years. Moreover, we are working towards  improving our business portfolio mix. 

When its comes to capital infusion plan, we are engaging with the government on regulatory aspect. Besides, we are taking our own measures to improve our capital.We want to become financially strong preferred general insurer.


What is  your comment on the functioning of the new IRDAI chairman?

He believes in having a pro-active approach which is good for the industry. He understands the issues well the urgency of the industry for bridging the protection gap.