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Growth opportunity in the insurance sector in the coming years is huge, according to J. Hari Narayan, Chairman, Insurance Regulatory and Development Authority.
Speaking at the convocation ceremony of the first batch of post-graduate programme in risk and general insurance of the Institute of Insurance and Risk Management (IIRM) here on Monday, he said assets under management in insurance increased from Rs 1 lakh crore in 2000 to Rs 18 lakh crore in 2012.
Vepa Kamesam, Managing Director, IIRM, said the batch of 13 students was specially trained for ICICI Lombard General Insurance following a memorandum of understanding entered into with it last year.
The students were trained in various skill sets including underwriting, claims management, reinsurance and health insurance.
The sudden expansion of insurance sector post liberalisation and IRDA Act 1999 resulted in significant demand for skilled professionals, he added.
All the students who graduated would be absorbed by ICICI Lombard with an entry-level remuneration of about Rs 3 lakh per annum, Kamesam said.
Bhargav Das Gupta, Managing Director and Chief Executive Officer, ICICI Lombard, said there was a shortage of skills in the general insurance sector in areas such as underwriting and claims management.
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