Property insurance prices on the decline

Mumbai, June 5 (UNI) After detariffing, prices of property insurance has come down whereas liability insurance prices are getting revised.

''After January 1, property insurance has come down by 40 per cent at by and large whereas liability insurance prices have gone up a little bit due to inadequate risk management,'' said New India Assurance Company Ltd's CMD B Chakrabarti.

He was speaking at the sidelines of the Skoch seminar.

Personal insurance, Mediclaims and liabilities have gone up because the company is not getting more customers in young age group. Rather most of the customers are in the age group of 50 to 55 years.

He also asserted that inherent comfort lies with the public sector insurance firm because it's a promise business and it matters, who is doing the business.

''There is inherent comfort in public sectors as it is more secured compared to private sectors. There may be delay in getting claims from the public sector but at the same time there is no risk of getting it.'' Talking about the Indian insurance company he said ''Insurance companies in India are in a nascent stage and it has to grow further.'' Commenting on entering the core business and technology upgradation, he said ''Although we are a little late to adopt it but we won't repeat the mistakes which banks did in the process, rather we have the opportunity to think beyond core business, if any.'' Responding to the issue of Travel Protection Services (TPS) which did not respond well in India, he said ''Any new thing has its own set of advantages and disadvantages. It takes time for any new thing to stabilize before being adopted and practiced.'' UNI PP KU AG2052