mumbai the indian insurance industry is moving from being a promoterdriven to a marketled one with the capital markets becoming a dominant source of funding a finance ministry official said the listing of lic would result in listed entities accounting for 60 of the insurance businessspeaking at an online event of the institute of actuaries of india amit agarwal additional secretary in the finance ministry said we have for the first time an opportunity to attract and leverage large amounts of risk capital in a traditionally capitalscarce economy for enabling faster growth in the risk intensive insurance sector agarwal said that in the two decades after opening up the industry has matured with 69 insurers as against eight in 2000 and a majority have achieved breakevennoting that there were over 3000 insurance products in the market as a result of competition agarwal said that such a wide array of offerings is not best suited for meeting the basic insurance needs of the masses who need products that are easy to understand and simple in terms of clean procedures he called upon actuaries to come up with meaningful ways of assessing risk to develop simplified products at affordable prices suitable for the masses such simplification necessarily entails venturing out of the comfort zone of known data the necessary allowance for risk on account of poor data may be offset to some extent by economies of scale and leveraging lower costs and access to digital channels and bancassurance said agarwalin his inaugural address subhendu kumar bal president iai said that the institute would be conducting an actuarial olympiad to encourage youngsters to take up the profession