Too many bureaucratic regulations have affected the growth of the insurance sector in India, according to Mr R Thyagarajan, promoter, Shriram Group of Companies which includes insurance in its operations.
Insurance companies are unable to come up with new products or make modifications to existing policies due to the rigorous approval process involved, reports Hindu Business Line citing Mr Thyagarajan.
Urging the business community not to circumvent regulations, the Shriram group chief said it should instead jointly oppose regulations that are harmful to the community.
Highlighting the lack of awareness about insurance benefits among the people, he said, “Insurance coverage in the case of both individuals and corporates is woefully inadequate in India.”
He added that businesses face three kinds of problems when it comes to insurance – no insurance, insuring inadequately or choosing an improper cover.