Plan afoot for insurance university

Asean, a not-for-profit organisation that runs Faridabad-based Asean Institute of Insurance and Risk Management (AIIRM), along with insurance companies is holding talks with various state governments for setting up an insurance university.

PK Behl, member advisory council of AIIRM, said, “We are holding talks with the Haryana government and will also be approaching Rajasthan government for allowing us to set up an insurance university. The chairman and managing directors of eight insurance companies -- Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC), New India Assurance, United India Insurance, Agriculture Insurance Company, Export Credit Guarantee Corporation of India and private player Universal Sompo General Insurance will be the provisional members of the governing council of the proposed insurance university.”

Asean organised an insurer’s conclave on Saturday where DK Mehrotra, chairman LIC, AK Roy, chairman and managing director of GIC and retired chairman and managing directors of public sector insurance companies and officials of private life and non-life insurance companies spoke on the need of setting up the university.

As per the government norms for setting up of the university, AIIRM will require a minimum of 30 acres of land outside the municipal limits or a minimum of 10 acres of land within the municipal limits and a minimum corpus of Rs 65 crore.

The insurance industry is suffering from a high attrition rate as every year several new players in life and non-life space enter the market. Currently there are only a handful of insurance institutes. There are 24 life insurance companies and 27 non-life insurance companies (including four health insurers).

falaknaazsyed@mydigitalfc.com

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