General insurers cry foul over unhealthy practices

Even as the Indian Inc including leading public sector companies are busy in renewing their insurance covers for 2009-10, there are demands from the general insurance industry to make these deals transparent and rule compliant which can be scrutinised by the regulators. It is quite a common development in the domestic general insurance industry in the aftermath of liberalisation where insurance brokers and insurers resort to unhealthy practices to grab business. In this context the drastic reduction of pricing-to the extent of 80-90%-by the general insurers in certain portfolios during the post detariffing days though has been harmful to the ...

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