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Insurance sector transformation on the horizon in India

EditorPollock Mondal
Published 10/18/2023, 03:03 AM
© Reuters.

In a pivotal meeting held on Tuesday, the finance ministry joined forces with the General Insurance Council and private sector general insurance leaders to address key issues impacting the industry. The assembly was chaired by DFS Secretary Vivek Joshi.

Joshi directed DFS officials towards resolving critical issues within the sector. The discussion centered around strategies to enhance insurance penetration through state-level dialogue and distribution channel rationalization. A special emphasis was placed on initiating a drive for compliance with the Motor Vehicles Act, in collaboration with state governments and the Ministry of Road Transport and Highways.

The meeting also highlighted the potential for cooperation with the Ministry of Health to expand cashless facilities and standardize treatment costs. This collaborative approach is expected to stimulate growth in the health insurance sector.

Moreover, property and parametric covers were advocated as a means to mitigate financial losses due to natural disasters. The formulation of coverage plans for MSME sectors and linking insurance frauds to CIBIL scores as a fraud prevention measure were among the other topics addressed.

The Insurance Regulatory and Development Authority of India's (IRDAI) commitment to achieving 'Insurance for All' by 2047 was underscored during the meeting. This ambitious goal promises suitable life, health, and property insurance coverage for all citizens.

To ensure continuous collaboration for the growth of the insurance sector, regular industry meetings were agreed upon. These strategic moves are supported by a robust community of over 2 million industry professionals, aiming to reshape the landscape of the Indian insurance industry.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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