The chief minister said he is urging the Central Government to set up the IRDA headquarters in Hyderabad. Hyderabad, according to him, is fast becoming the financial hub of India and ``we want to make it the all-in-one business centre of the country''. ``It is only a matter of time for the IRDA to come up in Hyderabad," he said.

Earlier, he launched the first insurance portal - indiainsure.com - at the national event. The click and brick portal, developed by Indiainsure, has recognised the potential of Internet in the distribution of insurance and has therefore equipped itself for completing Web-based insurance transactions, Mr Naidu said.

It provides comprehensive information on all insurance products in an easy to understand format. The portal also gives information on every aspect of insurance. Premium calculators are provided for most policies and the portal is e-commerce enabled, he said. The growth in the insurance sector is expected to be substantial with the present growth rate in GDP and gross domestic savings.

The LIC premium share of GDS, which traditionally has been around 6 per cent is expected to increase to 18 per cent in future, Mr Naidu said. According to Mr Naidu, about 25 private companies are planning to enter the Indian insurance market soon and most of these are joint ventures between established Indian groups and multinationals. The customers, who have been used to dealing with a government monopoly, will now have a choice of companies to deal with - and also a choice of products, which will benefit the customer in the long run, he said.