Mumbai, 14Dec: As much as 95 per cent of the country’s population is uninsured despite the government and the insurance regulator’s efforts to expand coverage, National Insurance Academy said in a report, which was released on Thursday.
\nUnveiling the report, Irdai Chairman Debasish Panda urged the industry to emulate steps that led to the massive success of the UPI, opening of bank accounts, as well as mobile penetration.
\nPanda said a compulsory natural calamity insurance in high-risk regions — as recommended in the report — is needed if the country wants to achieve insurance for all by the time the nation completes a hundred years as a republic.
\nAccording to the report, 95 per cent of the country’s population of 144 crore is uncovered. The high prevalence of lack of insurance coverage assumes importance in the light of the increase in the number of natural calamities and other climate-related disasters to hit the country.
\nFurther, it said 84 per cent people from low- and middle-income categories, and 77 per cent from coastal regions, tier-2, and tier-3 cities, lack property insurance.
\nThe report also called for compulsory crop insurance for farmers who have taken bank loans, supported by premium financing from microfinance institutions and agri-input suppliers.
\nGiving category-specific insurance gap, the report said currently, annuity and pension protection gap is at a high of 93 per cent.
\nThere is an 87 per cent protection gap on life insurance, which presents a huge business opportunity, the report said.
\nOn health insurance, the report said 73 per cent of the population is uncovered, and called for collaboration between government, NGOs, and industry groups to create micro health insurance with simplified products.
\nPension and annuity coverage also lags with just 24 per cent enrolled in employee retirement schemes. Notably, low-income individuals and lower-middle-income segments exhibit a meagre 14 per cent and 25 per cent penetration, respectively, as per the report.
\nCyber protection gap is rapidly expanding across sectors due to increased exposure, higher digital usage, and growing connectivity and 62 per cent of customers looking to protect their cyber risk, it said. (PTI)<\/p>\n","protected":false},"excerpt":{"rendered":"
Mumbai, 14Dec: As much as 95 per cent of the country’s population is uninsured despite the government and the insurance regulator’s efforts to expand coverage, National Insurance Academy said in a report, which was released on Thursday. Unveiling the report, Irdai Chairman Debasish Panda urged the industry to emulate steps that led to the massive […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":{"0":"post-230666","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-national"},"_links":{"self":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/230666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/comments?post=230666"}],"version-history":[{"count":0,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/posts\/230666\/revisions"}],"wp:attachment":[{"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/media?parent=230666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/categories?post=230666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/arunachaltimes.in\/index.php\/wp-json\/wp\/v2\/tags?post=230666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}