CHENNAI: The detariffing regime has helped an exponential growth in the insurance sector and the past six to seven years have "seen a miracle", Insurance Regulatory Authority of India Chairman C S Rao said today."Since 2000, when the market was opened up, all our expectations have been far exceeded," he said after inaugurating a seminar on "General Insurance-Life after detariffing", organised by Industrial Economist here.
"In 2000-01, the first premium collected was Rs 9,000 crore. In 2006-07, the first premium grew to Rs 75,000 crore..That is the kind of exponential growth we have been seeing," he said.
He also called upon insurance companies to take cognisance of the shift in segments in non-life insurance. "Till sometime back, health insurance occupied the fourth place. Now it is in the third place...In an year, health insurance may occupy the second place behind vehicle insurance," he said.
The Chairman also lauded the efforts of the industry in responding to the detariffing regime. "The industry responded exceedingly well. They have been able to transform the non- life insurance."
Rao further said that a few more steps remained to be taken. "We have to give insurance companies the freedom to fix the terms and conditions," he said.
Source: PTI
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