FICCI 22nd Annual Insurance Conference 12th April, 2023, Mumbai

Outreach Partner: The Insurance Times

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Inaugural Session

IRDAI Chief Calls for Roadmap for 'Insurance for All by 2047'

Mr Debasish Panda, Chairman, IRDAI delivered the inaugural  address at FINCON 2023, the 22nd annual insurance conference organized by Federation of Indian Chambers of Commerce and Industry (FICCI). While addressing the industry participants, he called upon all stakeholders to come together to help achieve the nation's aspiration of providing insurance to every person in India by the year 2047, which marks 100 years of our Independence.

While the insurance industry in India is more than 20 years old with a total premium of more than Rs 10 lakh crore and an AUM of Rs 59 lakh crores in FY 2023, the industry had registered 16% growth in both life and non-life products in February 2023. Calling upon the gathering that comprised representatives of all major insurance companies to help in driving penetration, he said, "This is a big responsibility which lies with you." He conceded that universal access to insurance is not an easy task. It would be necessary for all intermediate functionaries to come together to reach the last mile. They would have to make use of technology and employ better distribution practices. The various platforms like Bima Sugam, Bima Vistaar and Bima Vahak, that the Government has put in place, will be very useful in this endeavour.