INSURANCE
India needs more insurance players, wider range of products to achieve insurance for all goal by 2047: IRDAI chairman
Feb-22-2023

In order to achieve the insurance for all goal by 2047, Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda has said that India needs more number of insurance players, much wider range of products and also more distribution partners. The insurance sector was opened up more than two decades ago and the market has grown much bigger, but still there is too much scope for faster and deeper growth.

He said ‘in the past five years, the sector has grown 10 per cent each year, still insurance penetration is too low at 4.2 per cent in 2021 and we need to cover much more. We're a diverse nation of 1.4 billion people. We can't have a one-size-fits-all approach, instead we need more unique products that can meet the insurance needs of both the super-rich as well as the very poor. And such unique products cannot be served by the limited number of players we have today at 70. Therefore, we need more players, a much wider range of products and also more distribution partners to achieve the insurance for all goal by 2047.’

To achieve greater penetration, there is a need for more distribution partners too who can hawk more differentiated products that suit the needs of the Gen next as well senior citizens who are more discerning and demanding now. He said ‘All we need is to look at insurance with a fresh pair of eyes. And the time has come to re-imagine insurance. We must come together and make it happen before the 2047 target, which is an outer limit, and I want this to be achieved much earlier’.

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