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Tough
times for general insurers
Our Banking Bureau
2 November 2001
 Mumbai:
Insurance
Regulatory Development Authority chairman (IRDA) N Rangachary has
said state-owned general insurance companies will have to face
tough times in the
near future.
Speaking at the sixth
insurance summit, organised by the Confederation of Indian
Industries in Delhi, Rangachary said: “Public sector companies
tend to believe that their businesses will not go away from them.
It’s wrong. Many will have to restructure - and in the case of
general insurance the pinch will be felt more.”
Rangachary said in ten
years, there has to be a distinctive change in the manner in which
the companies function. “The next ten years will bring a
tremendous upsurge in awareness among consumers that would put
pressure on insurers to respond in quick time and perform. To meet
this challenge, the state-owned insurance companies would have to
rope in  private
players as partners.”
Another aspect that would
come about would be the change from a distinction between life and
non-life businesses to the one differentiated by the tenure of
policies, he said. “One business would be for the short term and
another for the long term.”
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