Over 50% of autos uninsured: Irdai chief

Insurance Regulatory and Development Authority of India Chairman Debasish Panda on Monday mentioned greater than 50 per cent of autos stay uninsured which is a transparent indication of the unavailability of ample insurance coverage covers.

According to Panda, the business has been rising at 11 per cent for the final 5 years however to insure each individual in India, a highlighted significance of insurance coverage as monetary and social safety must be labored upon. “Only then can this industry contribute its part to economic and nation building,” he mentioned whereas 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 mentioned.

LIC Chairman MR Kumar mentioned that even right this moment, solely 3 in each 100 individuals within the nation have a life insurance coverage coverage. “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 mentioned.