IRDA flags wage issue to stem talent exodus

The insurance regulator wants to incentivise the agency by fixing a minimum wage to retain talent in the industry. The number of agents has been coming down sharply in the life and nonlife insurance sectors in the past financial year. 

While the private sector insurers appointed 2.83 lakh agents, they terminated the services of 4.14 lakh in the same period. In the case of LIC, 3.87 lakh agents were asked to go while 2.81 lakh were recruited. “There should be some minimum protection wag ..