Can a license of insurance agent be terminated?

I am not very much sure, but what you can do is visit IRDA site and check the norms over there and you can find the contact details of Director of IRDA from there for your further reference. You can mail them your problem. They will certainly help you. But this is for sure that no one can cancel your Licence just for the sake that your claims were high, your branch must be using you for his own branch target, actually they have to make his branch profitable and it is only possible when claims are low.