IRDAI Plans To Fulfill Insurance For All Indians By 2047

By OB Bureau On Sep 7, 2023

New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) recently hosted the fourth edition of Bima Manthan on September 4 -5.

A paramount focus of the event was the assurance of insurance availability, affordability, and accessibility. The stakeholders explored the necessity for diverse insurance products to meet ever-evolving requirements and the importance of expanding the geographical reach of insurance companies while enhancing distribution strategies.

The CEOs of Micro-Finance Institutions Network (MFIN) and Sa-Dhan, a Self-Regulatory Organisation registered with the Reserve Bank of India (RBI), also actively engaged with the insurance industry. They offered views on financial inclusion and micro-insurance, highlighting potential synergies between their extensive networks and the insurance sector. It was underscored that insurance penetration in the country would expand the market these entities serve and influence their operational methods.

The meeting reiterated the collective commitment of the insurance and reinsurance sector to elevate industry standards, promote innovation, and ensure that insurance continues to play a pivotal role in risk management and financial security.