The Hindu Business Line : Insurance sector to see significant growth: IRDA chief

Hyderabad, Aug. 22 The shortage of trained personnel is a big challenge for the insurance industry, said Mr J. Harinarayan, Chairman, Insurance Regulatory and Development Authority.

Speaking at the third convocation of Institute of Insurance and Risk Management (IIRM) here on Friday, Mr Narayan said the insurance sector is poised for growth in the next 10 years.

“After IT, it is now the year of insurance growth. There has been significant increase in awareness about the efficacy of insurance protection,” he observed.

In his convocation address, Mr Pronab Sen, Chief Statistician and Secretary, Government of India, said a behavioural approach to the study risks and uncertainties will provide better insights into insurance.

“As young insurance professionals, you need to take behavioural risks in the society into consideration for making calculation of risks,” he advised the students.

Mr Vepa Kamesam, Managing Director, IIRM, said the institute would soon offer consultancy services to the industry in a big way.

“Our students are securing 100 per cent placements with pay packets ranging from Rs 3 lakh to Rs 4.5 lakh,” he said.

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