According to Mr. Debasish Panda, IRDAI chairman, the fact that more than 50% of vehicles on Indian roads are uninsured is a glaring sign of insufficient insurance coverage.
Speaking on 10 October at a summit held by the National Insurance Academy (NIA), Mr. Panda stated that over the previous five years, the insurance business had grown at an average rate of 11% annually. Despite the rapid rate of expansion, efforts must be made to emphasize the value of insurance for both financial and social security in order to insure every citizen of India.
According to Mr. Panda, quoted by Indian Express, "Only then can this industry give its fair share to economic and national construction."
In order for the insurance sector, which is currently ranked 10th in the globe, to move up to the sixth position, "(the) growth momentum is expected to remain steady," he stated.
Separately, LIC Chairman MR Kumar stated that barely three out of every 100 citizens in the nation currently have life insurance. "Industry leaders need to work on improving penetration, even though it increased during the COVID-19 pandemic."
0 Comments