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Our Bureau

Hyderabad , May 19

CLOSE on the heels of the Indian insurance industry recording an unprecedented growth both in life and non-life segments for the fiscal ended March 2005, the Insurance Regulatory and Development Authority (IRDA) is now being flooded with enquiries from a large number of players expressing interest to obtain insurance licences.

Disclosing this to the media here on Thursday, the IRDA Chairman, Mr C.S. Rao, said the life insurance sector has recorded a growth of 35 per cent, considered the second highest. In the case of non-life sector, a growth of 13 per cent was recorded.

"The double digit growth in non-life sector is unheard of in the global markets, with China being an exception," Mr Rao said.

The Chennai-based Shriram Group and the public sector banking major Punjab National Bank (PNB) are among those who expressed interest in starting life insurance operations. The regulator has already received a formal application from Shriram Group for a life insurance joint venture with the South African insurance major - Sanlam.

"We are yet to receive a formal application from PNB, which is also keen on life insurance licence in alliance with the Principal Group."

Stating that a good number of overseas enquiries were received for non-life insurance sector as well, Mr Rao, however, said the regulator has not yet received formal applications from any of these interested players since they were still busy scouting for suitable Indian partners. One more player in non-life sector would start operations shortly, he said.

Stating that the insurance regulator has decided to postpone the de-tariffing of motor insurance part of non-life sector, Mr Rao said the decision was taken following opposition from non-life players on selective de-tariffing proposed earlier.

However, he said the non-life insurance industry was well on its road to de-tariffing and the Tariff Advisory Committee would also be dismantled in a phased manner.

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