INDIAN INSURANCE BROKERS EXPECTING A BOOST

De-tariffing is expected to act as a boon to the insurance broking sector in India a leading proponent has claimed. C Radhakrishna, co-promoter of India Insure, said growth of insurance broking in the country had been “satisfactory” but predicted further advances in the face of pricing de-regulation and free wording. In an interview reported in The Hindu, Radhakrishna said: “Clients have moved from ‘tolerance’ to ‘believing’ and we are seeing the insurers beginning to collaborate more often than confront.” And he predicted that in three to five years around 65% to 70% of insurance business in India will be brokered. “Total dismantling of the tariffs will facilitate the faster growth of insurance brokers in India,” he said, adding he intended his company India Insure to be heading the pack. Towards that end the company is looking to enter the retail insurance sector.