Financial Daily from THE HINDU group of publications
Friday, May 05, 2006
Financial Daily from THE HINDU group of publications Friday, May 05, 2006 |
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Money & Banking
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General Insurance `Insurance products to turn more-savvy' Our Bureau
Kolkata , May 4 The insurance sector will see the arrival of more financial products-based solutions in the days ahead, marking an even greater change from solely traditional offerings. Insurance companies are logging substantial growth in volumes, a trend that will be spurred by newer businesses emanating from a range of areas. The result, feels Mr R. Chandrasekaran, GM, General Insurance Corporation, will reflect in an improvement on such critical fronts as premium income and net worth. GIC, the national re-insurer, hopes to play a key role in the coming years, thanks to an increased need for re-insurance in the emerging Indian context. The prospects, in fact, have become brighter for the insurance industry in recent times, thanks to a near doubling of business. The private sector, which now commands a fair market share, has seen an increase in its contribution to the industry in recent years. Competition, however, may well increase with de-tariffing — a regime when prices will be determined by market forces. "The business in India provides reasonable profit to the players concerned, in the range of 5-10 per cent over a period of time," Mr Chandrasekaran said, while addressing the members of the Bengal National Chamber of Commerce & Industry (BNCCI).
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