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The growth of the Indian insurance industry is projected to remain below 5 per cent this fiscal (2013-14), said most of the 30 insurance companies surveyed by CII.
Most of the life insurance companies surveyed projected the growth to be negative for the current fiscal. While most general insurance companies projected an average growth of more than 10 per cent.
Among the other major findings, 81 per cent of the surveyed companies are not in favour of the mandatory 50 hours of agent training as prescribed by the IRDA.
According to the survey, increasing the FDI cap from the current 26 per cent to 49 per cent and an open distribution channel will help improve the growth of the insurance sector.
deepa.nair@thehindu.co.in
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