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On Monday, Debasish Panda, chairman of the Insurance Regulatory and Development Authority of India, said that more than 50% of vehicles in the country are uninsured, suggesting that there is not enough insurance coverage.Speaking on the 18thth At the Insurance Summit in Mumbai, Panda also asked insurance students to come up with innovative and technology-enabled ways to enable India to close 83% of the protection gap.
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“The industry has been growing at 11% for the past 5 years, but to insure everyone in India, the prominent importance of insurance as financial and social protection must be valued. Only then can the industry contribute to the economy and the country construction,” Panda said in a statement.
He also added that the growth momentum is expected to remain unchanged, which is a golden opportunity for the insurance industry, which can be increased from 10th up to 6th biggest.
Panda mentioned that IRDAI is also partnering with one-stop insurance shop Bima Sugam, a new online platform approved by the regulator that will sell different types of insurance products. The platform will enable customers to port their policies from one provider to another.
Commenting on insurance trends and adoption among Indians, LIC Chairman MR Kumar was quoted as saying in a news report: “Even today, only 3 out of 100 people in the country have a life insurance policy. Despite the increase in penetration during Covid In 2021, India will see the fastest growth in HNWIs, leading to a surge in customer appetite for better and more tailored insurance products, so insurers look forward to meeting these needs.”
