Indian life insurers are more concerned about the distribution network while their counterparts globally are worried about their investment returns, according a recent survey by accounting firm PricewaterhouseCoopers.
The report titled ‘Insurance Banana Skins’, said life insurers in India ranked retail sales practices and managing costs as their top worries followed by equity markets, investment performance and capital availability.
Speaking to Business Standard, industry representatives said the regulator’s role and control on the companies’ investment was strong in India. This has helped the industry save itself from the global financial crisis.
One such measure is the Insurance Regulatory and Development Authority (Irda) is insisting life insurers to set up an asset and liability committee on the lines of the banking sector.
Respondents from 24 insurance companies said agent quality was another challenge for them.
The survey was conducted across 39 countries with over 400 responses, including India.