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India: Insurers urged to focus on growth instead of market share

Source: Asia Insurance Review | Jun 2019

The insurance regulator has called upon all companies to do more to grow the industry.
According to a report in The Economic Times, Mr Subhash Khuntia, IRDAI chairman said. “I suggest, don’t be too bothered about improving market share.
“If growth is high, you don’t have to bother about market share. Put your heads together to make the market grow.”
There are 24 life insurance companies and 34 non-life insurers in India. Mr Khuntia exhorted non-profitable companies “to change course and see that long term sustainability is ensured”.
He also urged insurers to look at corporate governance standards to be fair, transparent, trustworthy and financially sound. A 
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