The Indian insurance industry seems to be in a state of flux. While life insurance has seen de-growth in new business premium in FY12, non-life insurance is weighed down by underwriting losses. A multitude of changes in the regulatory landscape has given little time to the industry to adjust to the changed market dynamics. Despite the challenges the insurance industry remains a market with huge potential for growth and emergence of individual lines of business like health.
The CII and Ernst & Young report ‘Insurance Industry – Challenges, reforms and realignment’ looks at the current state of the insurance industry, the challenges faced in the areas of product, distribution, claims management and cost of operations within the overall regulatory and economic environment and outlines steps that could be taken to ensure that the industry achieves its potential. The report was released at the CII 15th Insurance Summit held on 6 August at Mumbai.