IRDA sees 13-14% degrowth in insurance sector

The Indian insurance regulator Insurance Regulatory and Development Authority (Irda) expects the domestic insurance sector to suffer de-growth of at least 13-14 % during the current fiscal to March 2012, said Chairman J Hari Narayan. The life insurance sector saw a paradigm shift after September 2010 with new regulations, while the general insurance sector witnessed its bleeding third party motor pool scrapped recently. Over the last 18 months, the growth of the sector was stalled with the insurers grappling with new distribution strategies and new products to cope with changing regulations



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