CEO Desk

Insurance industry, especially non-life insurance industry, is continually evolving in tandem with technological and socio-economic development taking place in the country. Natural calamities and other cataclysmic events that cause large-scale destruction and untold suffering to humanity also triggers demand for more and more innovative and suitable insurance products providing realistic financial protection. Though the pace of progress is often alleged to be tardy, it can be seen that many a time the industry has taken significant steps responding to the pressing demands of the time. It should also be appreciated that the sluggishness in responding to the market demand, as often observed, is on account of the very nature of industry being one engaged in complicated risk-taking mechanism which calls for a meticulous study and thorough understanding of all attending circumstances. The recent industry initiative introducing certain much looked for, conceptually novel and comprehensive insurance covers such as cyber insurance, title insurance, etc. has been well received by the market. When COVID -19 Pandemic was raging throughout the country causing loss of many lives and great frustration, fear and financial loss to the people, the insurance industry rose to the occasion and came out with two COVID-specific Health Insurance Policies providing for financial protection to public in the event of their being infected with the disease. The public response to these newly introduced health insurance covers was tremendous and a large number of people were benefited by that. In spite of the admirable service the industry has been giving to insuring public particularly whenever natural calamities struck or when COVID -19 pandemic played havoc with the lives of people, insurance to a great extent remains largely ignored or sought, if at all, only in exigent circumstances triggered by perception of some imminent threat. This typical attitude of general public towards insurance results in sluggish growth in the spread of insurance. However, it is all the more reassuring that of late the insurance penetration has increased from earlier 3.76% to 4.2 %. Insurance Brokers as the only professional intermediaries representing the insuring public is playing a very important role in spreading the message of insurance through their various professional initiatives. The Brokers will ensure a steady growth of insurance industry in the days to come as they help promoting need creation in a large measure and facilitating informed buying of insurance products by the customers.