Mr T S Vijayan, Chairman, IRDAI (retired recently) mentioned in the recently held 4th South Asian Regulators meet that India, Pakistan and Bangladesh together account for 23% of the world population but were low in insurance penetration at less than 4% and there in significant scope for insurance penetration in this region.
Referring to the recent growth in the insurance industry in the country, Vijayan said the total premium of insurance in the country would be over Rs.6 Lac crore in financial year 2017-18.
LIC is one of the biggest investors in the stock market. However in view of recent frauds by many corporations LIC must be very careful in investing funds in shares. LIC is also bailing out IPO’s of the government by subscribing it in case of low IPO subscription.
The Central Government on 21st March, 2018 approved ‘Ayushman Health Care scheme and has allotted funds for the scheme. The scheme is proposed to be implemented by the end of the year and become fully operative during the fiscal 2019-20. The scheme is being offered to the poor section of the society. Along with the insurance scheme the government should also focus on development of healthcare infrastructure otherwise people will not get the desired advantage.
Online insurance platform ‘Toffee’ the only ‘digital’ insurance platform looking to distribute specially disguised products to cover lifestyle risk of the people in the age bracket of 25-35 years.
Cyber Security products are gaining importance as companies are feeling the need to protect their business from ever growing threats from the cyber world. Raheja QBE has recently launched a Cyber Security product.
