Chief executives and representatives of 24 life insurance companies met the chairman of the Insurance Regulatory and Development Authority (Irda), TS VIjayan, on Thursday.
Media reports said that centre of the discussion was slowing growth in the sector and officials also discussed the traditional product guidelines and procedures in implementation, new pension norms and means of expanding portfolios.
Vijayan, who had his first meeting with insurance companies after taking over the charge of Irda, came across different perspectives on the issues concerning the industry and got an overview of concerns and the steps that need to be taken.
The sector has been slowing in terms of penetration and density, said the media report. Penetration, as measured by percentage of insurance premiums to GDP, fell to 4.1 per cent in 2011 from 5.1 per cent in 2010. Moreover, density, measured as the ratio of premiums to population, also fell to USD 49 in 2011 from USD 55.7 in 2010.