Insurance Sector Needs To Grow at 3-4 Times Of Country’s GDP: IRDAI’s Member (Life) BC Patnaik
Insurance Sector Needs To Grow at 3-4 Times Of Country’s GDP: IRDAI’s Member (Life) BC Patnaik India has the potential of getting Rs 15 lakh crore premium from the existing model, for which the growth required from current levels is around 200 per cent," Patnaik says “India’s insurance sector will have to grow at 3-4 times the country’s GDP growth with the help of technology-led innovative products and cost-effective distribution models across the country." "Many companies are now flooding rural areas as they see value in these markets. They say they will have a cost-effective distribution model and saturate the market. Within 5-10 years all these markets will be saturated as companies have become aggressive,” he said. He further added that India has the potential of getting Rs 15 lakh crore premium from the existing model, for which the growth required from current levels is around 200 per cent. “If in a single year we do 200 per cent growth and maintain it then perha...