Insurance For All: If everyone has to be insured till 2047, then this work will have to be done
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IRDA chairman has to say
Insurance Regulatory and Development Authority (IRDA) Chairman Devashish Panda said this on Tuesday. Addressing the annual summit of the Private Equity and Venture Capital Association of India here, he said the insurance sector was opened to private players two decades ago. Now the market of insurance has become huge. But there is still a lot of scope for rapid growth. He says that unless the number of insurance companies increases, how will the market grow rapidly.
The number of beneficiaries of insurance is still less
He said that in the last five years, there has been a growth of 10 percent every year in this sector. Even then, in the year 2021, insurance coverage has reached only 4.2 percent of the people here. He said that this figure is very less and it needs to be increased. Panda said, “Ours is a diverse country with a population of 1.4 billion. Here one product may not be right for all. Instead, we need unique products that can meet the insurance needs of both the ultra-rich as well as the ultra-poor.
70 companies cannot meet the demand
Panda said that the demand for insurance products is increasing day by day. Today this demand cannot be limited to 70 companies. “Hence, we need more number of insurance companies, wider range of products and more distribution partners to insure everyone by 2047,” Panda said.
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