Expressing concerns over the rising frequency and intensity of disasters globally, including in India, Prime Minister's Principal Secretary P K Mishra has advocated for a strategic vision to expand insurance coverage across diverse sectors and entities. According to a statement issued, Mishra was speaking at a National Disaster Management Authority (NDMA) workshop on 'Why Disaster Risk Insurance Matters -- Key Concepts and Benefits'.
He said ensuring that insurance is not only available but also accessible to the most vulnerable is a key challenge. At the event held, Mishra deliberated on the likely role of the government in supporting the expansion of insurance coverage.
He also posed several questions such as, "Should the government act as a catalyst, facilitating the growth of the insurance market, or should it take a more direct role such as purchasing insurance for certain sectors? How should the government create public-private partnerships that improve the outreach of insurance services and products?"
Mishra then added that these questions directly relate to the fiscal sustainability of insurance-related interventions.
India Targets a 71% Reduction in Vehicular Emissions Over the Next 26 Years
India can achieve 71% reduction in CO2 emission from the transport sector by 2050 by adopting three high-ambition strategies - electrification, improving fuel economy standards, and switching to public transport for passenger movement and railways for freight, according to a study by World Resource Institute.
The transport sector in India accounted for 14% of the total energy-related CO2 emissions in 2020. The report said there is a need for an emission reduction roadmap and targets for the transport sector to achieve the net-zero target by 2070.
Esta historia es de la edición November 2024 de THE INSURANCE TIMES.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 2024 de THE INSURANCE TIMES.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."
About Dr Anil Subba Rao Paila
IRDAI Corner
Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024
Insurance Caselaws
The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.
New Product Launches
Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation
Gunford: Marine Insurance Fraud or Purely Coincidence!!
Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.
Risk Management 2.0 in the new Gen Z Milieu
I notice that the world has significantly changed over the last five years due to black swan events (like Covid-19), geopolitical upheavals affecting supply chains (like situation in Middle east and Eastern Europe) and tech advances (like Al, robotics) have reshaped the risk landscape. Risk professionals must now adapt faster than ever to navigate these disruptions to ensure business resilience.
International News
Growing demand in Europe: Munich Re remains disciplined while further expanding
Life Insurance News
About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.
