Insurance Regulatory and Development Authority (IRDA) has also been asked to consider implementing the mandatory third party insurance with its powers and revise the premium rates.
There has been great development on the life side, the same needs to be expanded and aped on the non-life side as well. The government owned general insurers have recorded a growth of 10 percent in gross premium during 2013-14 and projected a growth of 100 percent in the next five years. Profit making ability of the public sector general insurance companies has also increased in 2013-14.
The market share in terms of number of new policies sold has also risen during the period by 1.20 percent to 84.44 percent.
Chidambaram has emphasized on the need to study the persistency ratio for unit linked and traditional polices individually.
It has been observed that LIC retained its remarkable claim settlement track record with 99.3 percent settlement of death claims and 99.68 percent maturity claims.
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