1.28 cr people covered under Covid – 19 insurance policies: IRDAI
As many as 1.28 crore lives have been covered under Covid-19 insurance policies by IRDAI in the country so far with a premium collection of over Rs 1,000 crore & IRDAI Chairman Subhash Chandra Khuntia said on Friday.
The pandemic & two corona-specific products Corona Kavach & Corona Rakshak were launched by insurers under the guidance of the (IRDAI).
The insurers also introduced coverage against COVID-19.
Under Corona Kavach & which is the standard product & 42 lakh lives have been protected & while 5.36 lakh lives have been protected through Corona Rakshak.
Corona-specific products & a total of 1.28 crore lives have been covered with a total premium of more than Rs 1,000 crore.
He was addressing a virtual conference during the annual summit of the Insurance Brokers Association of India (IBAI).
Insurance brokers under the fold of IBAI & the IRDAI chief said there is a huge opportunity for the brokers & insurers in the country after the pandemic & it has made people realize the need to get insured.
There should be more focus on tier-II -III & -IV cities now as the growth will come from these areas.
I have suggested them (brokers) that they should look at tier-II, -III, -IV towns & possibly the rural areas & because the higher economic growth will come from those areas now.
We are happy now that with constant efforts by the government to control the pandemic & things are now appearing better.
Hopeful for an economic revival with the falling cases of coronavirus in the country & that people are getting vaccinated.
He said huge opportunities lie in terms of insuring the small business units & properties & dwelling units & among others.
Presenting statistics related to reach of the insurance brokers in soliciting policies & he said huge opportunities lie in terms of insuring the small business units & properties & dwelling units & among others.
Presenting statistics related to reach of the insurance brokers in soliciting policies & he said the focus more is on the non-life segment by them and it has to be enhanced in life segment.
there is opportunity for improvement. In case of life insurance their contribution is only 1.1 per cent & so they are mostly concentrated in the non life sector.
The Irdai chairman also urged the brokers to focus on small business units that present huge growth opportunity.
The Indian non-life insurance industry has really come into its own with over Rs 1.89 lakh crore placed in premium during 2019-20, registering a growth of 10.58 per cent on a year-on-year basis.
Industry to further thrive & get to the next level of growth & it is imperative that insurance penetration grows to a level comparable to the more developed insurance markets.