Investors are ready to invest in insurance even though many companies are making loses, according to TS Vijayan, Chairman, Insurance Regulatory and Development Authority (IRDA).
He was speaking at the convocation ceremony of the Institute of Insurance and Risk Management (IIRM) here on Wednesday.
Referring to the increase in the upper cap of Foreign Direct Investment from 26 to 49 per cent, he said it was generating a lot of interest in various sections as the industry was on the threshold of growth.
“But the interest is being shown as if bringing capital would solve all the problems in the industry,” Vijayan said, hinting that other aspects such as manpower and marketing should also be looked into.
About 40 crore life insurance policies create huge potential for data analytics, he said.
The importance of insurance was increasing and the recently launched Jan Dhan Yojana was successful largely due to the inclusion of insurance as one of the benefits, Vijayan said.