IRDAI to Set Up Hub on Property Insurance

The IRDAI has formed an advisory committee to incubate and develop initiatives at the industry level to prevent or minimise losses in the general insurance market. The advisory committee is chaired by the director of the National Insurance Academy, along with 16 members from various entities such as GIC Re, general insurers, and insurance institutes. The advisory committee has a term of two years. The sub-committees have eight members. Further, the IRDAI decided to form a hub on Property Insurance at the National Insurance Academy (NIA). The IRDAI's move has its roots in December 2019 when the Authority set up a working group to make recommendations on Loss Prevention and Minimisation in the general insurance industry. The working group in its report recommended setting up an exclusive organization to promote safety and loss prevention.