Financial Daily from THE HINDU group of publications
Friday, May 26, 2006
Financial Daily from THE HINDU group of publications Friday, May 26, 2006 |
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Money & Banking
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Human Resources IRDA chief for quality insurance education Our Bureau
Hyderabad , May 25 Observing that the domestic insurance industry is currently facing a serious dearth of insurance professionals, the Insurance Regulatory and Development Authority (IRDA) Chairman, Mr C.S. Rao, has stressed on the need to promote insurance education in the country on a large scale. Notwithstanding the rapid insurance penetration - at 3.25 per cent from 1.9 per cent in the last 3-4 years - and a healthy growth of 35 per cent in the life sector and 14 per cent in the general sector, the Indian industry is in short supply of insurance professionals, Mr Rao said. He was speaking at a function orgainsed byf the Dr Harold D. Skipper Foundation for Insurance and Financial Services Education at the International Institute for Insurance and Finance (IIIF). In the absence of adequate insurance professionals in the market, the industry was depending on marketing professionals, he added. Dr Harold D. Skipper said that too little attention was being given to risk and insurance education at most institutions now because of a dearth of qualified academics. "According to Dr Skipper, continuing economic development cannot occur without a vibrant, innovative and competitive insurance market. Stating that such a market is at present in its infancy, he said that education and informed research remain the primordial sources of nourishment.
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