Life insurance industry needs to tackle mis-selling of policies

The life insurance industry continues to face the menace of mis-selling. Even the finance minister publicly admonished insurers on the practice. The industry recorded a degrowth of insurance premium in 2011-12, while insurance penetration slipped to 3.40 from 4.60 in 2009. It is evident that no serious attempt has been made to find a way out.

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Complex agenda for new insurance regulator chief

J Hari Narayan, chairman of the Insurance Regulatory and Development Authority, completed an eventful five-year term. He will be remembered as someone who controlled the euphoria of insurers, came down heavily on mis-selling, cut agent commission but also saw the sector losing growth momentum because of a slew of stricter regulations.

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Best to buy online insurance in 2013

The budget laid down new rules for the insurance sector in 2012. The premium will be eligible for tax deduction and the income will be tax-free only if the insurance cover is 10 times the annual premium. The change forced companies to rejig their policies because tax considerations continue to drive insurance sales in India.

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Global Consumer Insurance Survey 2012 Asia-Pacific by ERNST & YOUNG

The Asia-Pacific region is one of enormous growth and opportunity for insurers. It is also one of significant diversity. In developing countries, agency sales forces dominate and play a vital social role in making products accessible to low earners. The development of insurance markets in western- Developed countries, however, indicates that the emergence of more independent, but also expensive, distribution channels often ultimately leads to the demise of traditional agency sales forces.

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