Irdai chief warns firms against unfair trade practises, predatory pricing

The regulator also told insurance brokers to be more disciplined in filing their returns

The insurance industry may meet the fate of aviation and telecom sectors if product prices are kept low, warned Insurance Regulatory and Development Authority of India (Irdai) Chairman Subhash C Khuntia on Friday.

Khuntia said insurance brokers account for around 43 per cent of the premium collected in the case of group health insurance products. “But, I need to give a word of caution here. Though the share is very high, the loss ratio is also high. It’s not sustainable at present. Insurance companies, intermediaries and policyholders need to unite to create a sustainable atmosphere,” Khuntia said in New Delhi at