After a long wait IRDAI has got its new chairman. Mr Debasish Panda has been appointed as the new chairman of IRDAI. Mr. Panda is an officer of Indian Administrative Service of 1987 batch of Uttar Pradesh cadre. Prior to joining Irdai, Panda served as secretary, department of financial Services, ministry of finance, government of India where he superannuated in January this year.
The Insurance Industry in India with the support of ‘Insurtech’ has rapidly moved towards digital adoption of technology and new distribution channels for reaching customers since the start of Covid-19.
Digital Channels are cost-effective and beneficial for consumers too. Recently according to a report the share of LIC has been dropping and private players have clocked double digit growth due to multiple distribution channels. LIC is mostly focusing on traditional agency channel. LIC which is IPO bound must carefully evaluate future strategy to stay ahead of competition.
The Russia Ukraine war has significantly impacted insurance industry also. ECGC has withdrawn the export cover for the region. Since there is no immediate sign of resolution, the developments needs to be watched closely. The reinsurance rates may also harden as a result.
LIC, IPO has got SEBI nod recently but there is no clarity about the launch date of the issue. Govt may be closely watching the result of Russia Ukraine war and consequent slump in Indian Stock market.
Congratulations to Mr Nasir Choudhury, founder Green Delta Insurance, Bangladesh on being felicitated for outstanding lifelong contribution to insurance sector of Bangladesh.
