The Hindu Business Line : India Insure to double business

Insurance broking house India Insure is aiming to double its business in 2006-07 to over $50 million from $25 million achieved in 2005-06. To achieve this goal, the company plans to expand its reach by opening offices in Gurgaon, Kolkata and Ludhiana this fiscal, look for possible acquisition based on `transparency-solutions-consultancy' model, foray into reinsurance to provide cost and cover advantage to its customers and build expertise in areas such as liabilities, clinical trials and credit guarantees. Mr Anuraag Kaul, Director (Marketing), India Insure, in a communication to Business Line stated that the market share of private players in the life insurance segment had gone up by 28.6 per cent and in the non-life by almost 20 per cent. "The absolute size of the market has, however, grown for all players," he added.

On the detariffed scenario, he said "as per the presentations made at Insuarnce Regulatory and Development Autority (IRDA), there may not be any major change within six months of detariffing in policy wording and conditions. However, price-based competition could be fierce with the release of general insurance premium from the shackles of tariffs leading to a steep decline in prices of property and engineering insurance."

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