DFS Secretary discusses plans to increase penetration with general insurers
Measures for the growth of general insurance sector
Dr. Vivek Joshi, DFS Secretary, chairs a meeting with general insurers for growth of insurance sector
FinTech BizNews service
Mumbai,18 OCT 2023: Dr Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a meeting with General Insurance Council and the leaders and CEOs of private sector general insurance companies in New Delhi, on Tuesday.
Several critical issues having implications for the general insurance sector were discussed in detail. These included: -
- Awareness building through continuous interaction with States under State Insurance Plans to increase insurance penetration and coverage
- Distribution channel rationalisation in opening up of the agency channel for the general insurance industry to increase insurance penetration
- Coordinating with State Governments and Ministry of Road Transport and Highways to initiate a special drive to ensure compliance of Motor Vehicles’ Act
- Collaboration with Ministry of Health for increasing cashless facility and standardization of treatment costs to boost growth of health insurance
- Encourage adoption of Property/Parametric covers to mitigate financial losses due to natural catastrophes. Devising mechanism to cover the Micro, Small and Medium Enterprise sector
- Exploring linking of Insurance frauds to the CIBIL score to prevent / mitigate frauds
After fruitful deliberations and focused exchange of opinions on these matters, Dr. Joshi directed DFS officials to take them up actively for resolution. It was also decided that regular meetings will be held with the industry - both private and public sector - so that the growth and development of the insurance sector in facilitated with continuous collaborative efforts.
