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There would not be shortage of new products from 2014: IRDA

The insurance penetration in India had increased from 2.72% in 2000 to nearly 4% in 2013

January 01, 2014 11:10 IST | India Infoline News Service
Insurance Regulatory and Development Authority (IRDA) Chairman TS Vijayan said that there would not be shortage of new products from 2014 as the regulator had approved around 500 of them.

Mr Vijayan was speaking at an interactive session organised by the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) on Friday.

However, each insurer would be offering about 15 products from among those approved by the IRDA. Some of the approved would be kept on hold and offered later.

The insurance penetration in India had increased from 2.72% in 2000 to nearly 4% in 2013, Mr Vijayan added.

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