8216;Insurers,regulator and govt need to work together8217;

The insurance industry is faced with multiple challenges,while life insurance has seen de-growth in new business premium in FY12,non-life insurance is weighed down by underwriting losses,it said.

8220;A multitude of changes in the regulatory landscape has given little time to the industry to adjust to changed market dynamics,8221; it said.

Despite the challenges,insurance remains a market with huge potential with growth and emergence of individual lines of business like health.

The report said there is a need for simplification of life insurance products,focus on protection and long-term savings rather than investment,transparency of cost and riders,simplification of claims process.

Also,there is need for 8220;level playing field in terms of tax treatment of financial products,continuation of tax benefits for insurance products,speeding up reforms in the non-life insurance space,increasing focus and efforts towards increasing insurance awareness by the regulator,8221; it said.

The industry body is organising a one-day summit on insurance on August 6 in Mumbai to bring together the key stakeholders for a constructive dialogue to find solutions and way forward to revive the growth in the sector.