Three companies to enter insurance sector: IRDA

Hyderabad, Aug 12 (UNI) Insurance Regulatory and Development Authority (IRDA) Chairman J Harinarayan today said three to four companies would enter insurance sector, hopefully this year, in the country.

Launching the Max New York Life Insurance new scheme 'Max Vijay' here, he said, '' four applications are pending for clearance on the IRDA table. These companies would enter the insurance sector if their applications are approved.'' Pointing out that the total micro insurance business was Rs 150 crore out of Rs 100,000 crore insurance business during last year in the country, he said, ''it is miniscular proportion of the total insurance business in the country. It (insurance sector) should reach the poor people.'' Stressing the need to introduce more smaller premium insurance schemes in future, Mr Harinarayan said there was also a need for direct nexus between insurance companies and customers for promoting micro insurance schemes.

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