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India Insurance sector witnessing decline due to economic slowdown
Insurance sector in the world is witnessing decline due to global economic slowdown and in India, the impact was about 15 per cent reduction, HDFC Principal Officer and Executive Director Paresh Parasnis said today. Announcing the launch of 'Super Series-HDFC YoungStar Super and HDFC Pension Super here, he said the decline was seen in the last 12 to 18 months and according to a global survey conducted by HSBC in 15 leading markets, including the US and the Europe, people were going in for short term investment because of uncertainity over recovery. ''The pinch is felt mostly by the Private Life Insurance which is witnessing minus 15 per cent growth since April upto September'09 and hence companies are going in for innovative products not only to attract customers but also to provide safety and more benefit for the investment. "People are demanding more transperancy from Insurance Companies with regard to investments made from the premium collected and also guarantee of return,'' he added. Mr Parasnis said with life expectancy in India increasing to 75 years from 60 years in the year 2000, more thrust was given by the HDFC on insurance products with limited underwriting. Keeping in view the customers demand, HDFC has come out with new Super Series which offers various benefits. To attract more investments, HDFC was coming out with new insurance products, including Endowment Policy, Limited Underwriting and Children's Plan which were awaiting clearance from the Insurance Regulatary and Development Authority. -- (UNI) -- 21MS13.xml
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