General Insurance News

PM's Principal Secretary Advocates for Broader Insurance Coverage Across All sectors

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.