Inaugural Session
IRDAI Chief Calls for Roadmap for 'Insurance for All by 2047'
Mr Debasish Panda, Chairman, IRDAI delivered the inaugural address at FINCON 2023, the 22nd annual insurance conference organized by Federation of Indian Chambers of Commerce and Industry (FICCI). While addressing the industry participants, he called upon all stakeholders to come together to help achieve the nation's aspiration of providing insurance to every person in India by the year 2047, which marks 100 years of our Independence.
While the insurance industry in India is more than 20 years old with a total premium of more than Rs 10 lakh crore and an AUM of Rs 59 lakh crores in FY 2023, the industry had registered 16% growth in both life and non-life products in February 2023. Calling upon the gathering that comprised representatives of all major insurance companies to help in driving penetration, he said, "This is a big responsibility which lies with you." He conceded that universal access to insurance is not an easy task. It would be necessary for all intermediate functionaries to come together to reach the last mile. They would have to make use of technology and employ better distribution practices. The various platforms like Bima Sugam, Bima Vistaar and Bima Vahak, that the Government has put in place, will be very useful in this endeavour.
Denne historien er fra May 2023-utgaven av THE INSURANCE TIMES.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Denne historien er fra May 2023-utgaven av THE INSURANCE TIMES.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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A Comparison of European and Indian Insurance "Risk Function"
The subsequent discussion compares the key areas within the risk management function of insurance companies in Europe and India. These are the existence of skilled resources, issues related to data, whether the risk function is challenging the first line enough, whether the riskbased decision-making is working well......
Health Insurance
At the World Economic Forum 2025 in Davos, the CEO of Bajaj Allianz predicted that India could see the emergence of 1000 insurance companies within the next decade.
"The Asian Development Bank (ADB) strengthens the insurance sector in Asia and the Pacific by partnering with finance ministries, regulators, and stakeholders."
Arup Chatterjee, Unit Head of the Capital Markets and Insurance Practice Team at the Asian Development Bank (ADB), has over 35 years of experience shaping global policies and driving reforms in insurance, pensions, and capital markets.
Insurance Regulator
Insurance companies are taking over six hours to process the majority of health cover claims and facilitate hospital discharges post-settlement.
Arterial Blood Gas (ABG) Interpretation for Medical Auditors & Health Insurance Claim Processors
A blood gas analysis may be performed on blood obtained from anywhere in the circulatory system say artery, vein or capillary. A medical auditor and claim processor should know that differences in measured blood gas values between arterial and venous blood are most pronounced for PO2 as PO2 is the only clinical reason for obtaining arterial collections.
MSME Insurance: Simplified
As per MSME Ministry data, there are about 6.3 crore MSMEs in India, which provide employment to approximately 11.10 crore and contribute to about 27% to the country's GDP, which is again 45% of the manufacturing output and over 40% of both direct and indirect exports.
International
In a forward-looking initiative, the Dubai International Financial Centre (DIFC) and Lloyd's of London have partnered to develop future talent in the insurance sector.
Insuring the Insurance: A Model for Investment in Ethical Capital
If today's organizations have to survive and sustain themselves, they must invest in ethical capital, or they will go the way of dinosaurs. In other words, all capital ventures must be ethical, and an investment in ethics is inevitable, for it follows the spirit of Rule and an inclusive approach towards all stakeholders.
General Insurance
With increasing cybercrime and a push from regulators, numerous insurance companies have rolled out cyber coverage for individuals. These policies aim to shield individuals from risks posed by malicious actors during their digital interactions.
Wildfire Crisis in the USA - Lessons for the Insurance Industry
The recent spate of wildfires across the United States has once again underscored the devastating impact of climate change on our ecosystems, communities, and economies. States like California, Oregon, and Washington have borne the brunt of these disasters, with unprecedented destruction of property, displacement of residents, and loss of natural habitats.
