Insurance Regulatory and Development Authority of India Chairman Debasish Panda on Monday said more than 50 per cent of vehicles remain uninsured which is a clear indication of the unavailability of adequate insurance covers.
According to Panda, the industry has been growing at 11 per cent for the last 5 years but to insure every person in India, a highlighted importance of insurance as financial and social protection has to be worked upon. “Only then can this industry contribute its part to economic and nation building,” he said while addressing a summit organised by the National Insurance Academy (NIA).
“Growth momentum is expected to remain constant which is a golden opportunity for the Insurance sector which can go from 10th largest to 6th largest,” Panda said.
LIC Chairman MR Kumar said that even today, only 3 in every 100 people in the country have a life insurance policy. “Even though penetration increased during the COVID-19 pandemic, it still is very low and needs to be worked upon by industry leaders. In 2021, India also witnessed the highest growth in high networth Individuals. This led to a huge increase in the consumer’s appetite for better and more customized insurance products and thus, the insurers are looking forward to meeting these needs,” Kumar said.
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