IRDAI forms panel to review engineering insurance requirements relevant to retail sector

Insurance regulator IRDAI has set up a working group to revisit product structures of engineering tariffs relevant for the retail category amidst continuous advancement in technology.

The IRDAI notes that with continuous advances in technology, engineering insurance requirements are constantly evolving. Customer expectations regarding insurance are changing significantly.

The nine-member panel is also to recommend new suitable and appropriate standard products in line with advancements in technology for the retail segment, according to a report by Press Trust of India. The committee has to make recommendations too regarding revisions to the general regulations in the tariffs.

"There is a need to modify the current products under the engineering retail segment in line with the changing needs and demand," the IRDAI said.

Source: Asia Insurance Review