Irdai head rues low insurance reach, hints at sandbox for untested products

Subhash Khuntia says will allow testing of new products in limited geography or on limited set of policyholders, warns climate change, the ageing population will be biggest challenge for insurers

With the country's Gross Domestic Product (GDP) growth rate touted to be the one fastest in the world, projected at 7.4 per cent for FY2019 by the Reserve Bank of India (RBI), there is ample room for expansion of the insurance industry, noted Subhash Khuntia, Chairman, Insurance Regulatory and Development Authority of India (Irdai). 

"As GDP grows, savings rate will grow, which can be channelised to different financial products. With higher GDP growth rate, we will see large growth in the insurance industry. Today, the insurance industry contributes a lot to the GDP, as the assets under management for insurance stand