The insurance regulator Irda on Friday urged the general insurance companies to take a re-look at underwriting practices and products to cut losses.
?We have requested companies to re-examine their products on whether they are properly underwritten or not. Underwriting losses have been huge for the companies and therefore, it is advised to take a look at products that have been in the market for more than last two years,? said Irda chairman J Hari Narayan.
According to the latest data available, the general insurance industry incurred total losses of Rs 3,899.49 crore in 2007-08 ? up 52% compared with Rs 2,557.54 crore in 2006-07.
Besides, Irda has also questioned the role of an agent in the insurance agents in selling health insurance policies.