Hyderabad, Nov. 27: The chairman of the Insurance Regulatory Development Authority (IRDA) N. Rangachary today said the Indian insurance industry lacked a “consumer approach”.
Delivering the keynote address at the seventh Insurance Summit, he said the industry has to approach the middle class with a sustained campaign of awareness and education about insurance if it wanted to achieve a 5 per cent penetration in the country against the present 1.5 per cent.
Rangachary said ever since the entry of the private sector in nearly 12 life and 12 non-life segments, the market had expanded in the last two years.
“However, we are yet to provide improvised insurance products to the farmers and the middle classes.”
Andhra Pradesh chief minister N. Chandrababu Naidu said the campaign for awareness of insurance was being undertaken in a big way by all self-help groups in the state. He also offered to write to the Union finance ministry to permit the IRDA to take up insurance awareness programmes by utilising the corpus of the levies collected by it.