Motor Insurance , Health Insurance , Property Insurance and others which come under General Insurance are about to get costlier. The cost of insurance cover for policyholders will rise. This is because the companies are now expected to keep more funds aside for claims.
The IRDA had made some interesting remarks considering the future of the Insurance industry. The next three years will be very critical for companies providing Insurance. Major changes are expected in distribution, marketing, set-up, terms of regulatory development, and channels of distribution.
The regulators have made some suggestions to the Insurance providers to help them improve their profits.
The regulators do not have a lot of faith in the agency development system currently in place. The system which is being used has some major deficiencies. It will gradually be replaced by a better system.
There are a lot of promises being made by IRDA this year. And a lot of warnings being given out as well. Let’s see what happens next.
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