Former Irdai chairman asks insurers to concentrate on prevention of risk

In the first two quarters after the onset of the Covid-19 pandemic, the insurance industry suffered negative growth. But, it bounced back as soon as the economy opened up post the lockdown

Insurers need to focus not only on insuring risks, but also on prevention of risks so that the policyholders derive benefits from not just settlement of claims, but also from prevention of loss, said Subhash Chandra Khuntia,  who retired as the  chairman of Insurance Regulatory and Development Authority of India (Irdai) last week. 

Khuntia's term as Irdai chairman ended on May 6. He held the office of Irdai chairman for three years, from May 2018 to May 2021. Irdai has started the process of finding a successor to Khuntia, inviting applications for the post of chairperson. A circular issued by