The government on Wednesday asked the Insurance Regulatory Development Authority, IRDA to take steps to check the tendency of suicidal competition among insurance companies, which are undercutting one another by offering policies at low premium to grab a bigger market share.The Finance Minister Mr Pranab Mukherjee said this while addressing the 72nd board of meeting of IRDA in New Delhi. He said, for ensuring prudent underwriting and curbing unhealthy and suicidal competition among the companies through undercutting premiums is something that the regulator will need to address suitably.He said that the unhealthy competition among the insurance companies has started impacting their account books.Expressing concern over the low penetration of insurance covers in the country, Mr. Mukherjee said that concerns related to this sector need to be addressed.The Minister lauded IRDA's efforts to dematerialise accounts and set up grievance redressal mechanism.The Finance Minister also said that the insurance sector has been an important contributor to infrastructure development in the country by providing long-term funds.He said that investments by the insurance industry in infrastructure as on 31st March, 2011 were to the tune of 1.98 lakh crore rupees, of which 78 per cent has come from public sector insurers.