{
  "id": 10968694,
  "title": "Bajaj General CEO weighs in on IRDAI’s cost plan",
  "url": "https://urgent.news/2026/09/30/bajaj-general-ceo-weighs-in-on-irdais-cost-plan",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-30T14:07:59.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/industry/banking/finance/insure/focus-on-claim-ratios-not-commissions-bajaj-general-ceo-on-insurance-reform/articleshow/134596188.cms"
  },
  "original_language": "en",
  "account": "Bajaj General Insurance's CEO, Tapan Singhel, has argued that the focus should be on claim ratios rather than commissions paid to distributors when serving customers' interests in the general insurance sector. The Insurance Regulatory and Development Authority of India (IRDAI) recently proposed a consultation paper suggesting expense caps across various lines of business. Singhel explained that in India, 87.3% of the premium earned goes to consumers, compared to 72% in developed markets, which he considers satisfactory.\n\nSinghel proposed a benchmark of 75% claim ratio for retail health insurance, a segment that has faced complaints about claim rejections and premium hikes. He believes that if a company beyond this threshold wants to invest in capital, it is ultimately the shareholder's concern, not the customer's.\n\nSinghel, also serving as chairman of the General Insurance Council, emphasized that the regulator's objective is commendable and that insurers and distributors share the same goal of protecting customers' interests. He stated that if multiple solutions arise from the consultation process, they should be presented for consideration.\n\nThe IRDAI's consultation paper also includes other proposals, such as the general insurance sector's need to offer commercial insurance solutions to Indian corporations with global aspirations. Swiss Re Corporate Solutions CEO, Ivan Gonzalez, pointed out that more Indian corporations are seeking tailored, global insurance solutions due to their growing sophistication in risk management. He highlighted that agentic AI could significantly speed up underwriting and policy issuance processes, reducing time taken from 45 days to five days.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}