Some of India's leading insurers have mooted an idea to set up a university wholly dedicated to insurance.

Non-profit organization Asean, which runs Asean Institute of Insurance & Risk Management, along with insurance companies like New India Assurance and Life Insurance Corporation, is pursuing discussions with various state governments for setting up the insurance university.

Government-run New India Assurance, Life Insurance Corporation and United India Insurance as well as private sector insurers like TATA AIG and Universal Sompo will own stakes in the insurance university that will be called Asean Insurance University.

LIC chairman D K Mehrotra said, "This initiative will mainly focus on knowledge creation in the insurance space. We need to bridge the gap existing in this sector."

PK Bhel, a member of advisory committee of LIC, said the main objective of the insurance university would be to uphold research activities in the insurance realm.

Initial estimates suggest that Asean Insurance University will cost around Rs 65 crore to set up. However, insurers are yet to decide on the precise share each of them would bear.

Currently, specialised courses in insurance are being offered by the Institute of Actuaries of India, the Insurance Institute of India, and some private institutions like the Institute of Insurance & Risk Management.