Motor insurance dominates the market, accounting for approximately 77% of the state’s Gross Written Premium (GWP), followed by fire and property insurance at 14%, and marine cargo and hull insurance at 3.5%
Mumbai:
Zuno General Insurance (Formerly Edelweiss General Insurance has been appointed as the lead insurer for the State Insurance Plan in Goa by the Insurance Regulatory and Development Authority of India (IRDAI).
This strategic appointment aims to promote accessible and affordable insurance services for all citizens, aligning with the vision of “Insurance for all by 2047.”
The State Insurance Plan focuses on key objectives such as life and health protection, safeguarding against natural calamities, supporting micro, small, and medium enterprises (MSMEs), and increasing employment opportunities.
Goa stands out with an impressive literacy rate of 88.7% and a poverty rate of 5.90%, highlighting the potential for increased insurance awareness and accessibility. In terms of the insurance landscape,
Motor insurance dominates the market, accounting for approximately 77% of the state’s Gross Written Premium (GWP), followed by fire and property insurance at 14%, and marine cargo and hull insurance at 3.5%.
Additionally, MSMEs play a significant role in Goa’s economy, contributing 76% to the Gross State Domestic Product (GSDP). With a large number of manufacturing and industrial units employing thousands of people, addressing the insurance needs of these businesses and their employees is essential.
“These statistics serve as a call to action, prompting the launch of the State Insurance Plan in Goa. With a comprehensive understanding of the region’s demographic and financial profile, Zuno General Insurance is poised to roll out targeted programs to drive insurance adoption among focus groups such as fishermen, rural and women self-help groups, MSMEs, and uninsured vehicle owners,” said Pooja Yadav, Chief Product Officer at Zuno General Insurance.
As the lead insurer for Goa, Zuno General Insurance will collaborate with the state government and other insurers to enhance the reach and accessibility of insurance products across the region.