Archive · 29 May 2025
IRDAI Pushes Insurers to Expand Coverage and Address Risks
Insurance companies in India are being asked to focus on getting more people insured.
The government wants to increase the number of people covered by insurance.
They are also encouraging the industry to create new plans to cover things like online risks.
Right now, many people in India aren't insured, and this can be a problem during tough times.
Insurance companies delivered large health claim payouts last year.
The goal is to make insurance more affordable and accessible to everyone.
IRDAI is urging insurance companies to prioritize expanding the number of people covered under insurance.
The non-life insurance industry is committing over Rs 300 crore to an awareness campaign.
IRDAI highlights the need to address new risks, particularly cyber threats.
Low insurance penetration in India heightens economic fragility.
Insurance companies delivered Rs 83,000 crore in health claim payouts last year.
- Who
- IRDAI and insurance industry leaders
- What
- IRDAI urged insurance companies to expand coverage and address new risks.
- When
- Not explicitly stated
- Where
- Mumbai, India
- Why
- To increase insurance coverage and address evolving risks, particularly cyber threats.
- Key Initiative
- Insurance awareness campaign, 'Achha kiya insurance liya'
- IRDAI Member
- Deepak Sood
- General Insurance Council Chairman
- Tapan Singhel
- Grievance Ratio
- 0.35 complaints per 10,000 policies (General Insurance)
- Health Claim Payouts
- Rs 83,000 crore last year
