Irda to relook at underwriting practices

The insurance regulator Irda on Friday urged the general insurance companies to take a re-look at underwriting practices and products to cut losses. We have requested companies to re-examine their products on whether they are properly underwritten or not. Underwriting losses have been huge for the companies and therefore, it is advised to take a look at products that have been in the market for more than last two years, said Irda chairman J Hari Narayan. According to the latest data available, the general insurance industry incurred total losses of Rs 3,899.49 crore in 2007-08 - up 52% compared with ...

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