In the financial year 2022-23 (FY23), India’s overall insurance penetration was down at 4 per cent from the level of 4.2 per cent in FY22, according to a Swiss Re Sigma report.
Panda 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.
The chairman of Insurance Regulatory and Development Authority of India (Irdai) pointed out that India is expected to spend approx Rs 100 lakh crore on infrastructure through the National Infrastructure Pipeline in the next five years.
Get latest articles and stories on Latest News at LatestLY. Irdai Chairman Debasish Panda on Tuesday urged stakeholders in the infrastructure sector to take advantage offered by surety bonds, which complement bank guarantees needed for large scale funding. Latest News | Take Advantage of Surety Bonds, Irdai Chairman to Stakeholders in Infra Space.
IRDAI will adopt a principle-based regulatory regime and implement lighter regulations, going forward. Proposed amendments to insurance laws include rationalised capital requirements, composite registration, one-time registration for intermediaries, sale of other financial products and so on, IRDAI chairman Debasish Panda told Moneycontrol.