Daijiworld Media Network- Mumbai
Mumbai, May 29: In a fresh push to make insurance more inclusive and impactful, the Insurance Regulatory and Development Authority of India (Irdai) has called upon insurers to prioritise increasing the number of people covered, rather than focusing solely on insurance penetration percentages.
Speaking at an industry gathering, IRDAI member Deepak Sood urged insurers to adapt to the evolving risk landscape and bring affordable insurance within reach of the common citizen. “The face of risk is changing every day,” Sood noted, highlighting how threats have moved from traditional physical dangers to digital vulnerabilities that now “sit in our pocket, in our mobile phones.”
Sood emphasised that the industry’s primary focus should be on outreach and affordability. “Premium could be anything. If we can keep those premiums low and make it affordable for our people, it doesn’t matter what the penetration percentage is, as long as we can reach out,” he remarked.
The regulator’s statement comes even as India’s non-life insurance industry committed over ?300 crore over the next three years towards a national awareness campaign titled "Achha Kiya Insurance Liya" (Did well by buying insurance), aimed at educating citizens about the value of being insured.
General Insurance Council chairman Tapan Singhel echoed the regulator's sentiments, warning that India's low insurance penetration leaves the economy highly vulnerable. “Every time a catastrophe hits, millions remain unprotected,” he said, calling for urgent measures to shield the uninsured population.
Singhel also pointed to general insurance’s better consumer record, stating that it has a significantly lower grievance ratio—0.35 complaints per 10,000 policies—compared to 0.7 in banking and 4 in the e-commerce sector.
The coordinated effort by the regulator and industry leaders reflects a growing consensus that insurance should not just be about statistics but about real coverage that protects lives and livelihoods in an increasingly complex world.