Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance
The IRDAI initiated the journey towards adopting IFRS 17 and implementing risk-based supervision and capital frameworks. Looking ahead, significant developments are anticipated in the general insurance landscape, particularly in health insurance
In 2023, the insurance sector experienced dynamic advancements, led by IRDAI’s commitment to achieving ‘Insurance For All by 2047.’ Product and distribution reforms with emphasis on ease of doing business formed the core of the initiatives.
New regulations and initiatives like the State Insurance Awareness Plan, fostered collaboration among IRDAI, state officials, government authorities and insurers, aiming to enhance insurance penetration for India’s underinsured population.
Additionally, initiatives such as Bima Vistaar, Bima Vahak, and Bima Sugam are being worked upon and at an advance stage of introduction to improve insurance accessibility and affordability.
The IRDAI initiated the journey towards adopting IFRS 17 and implementing risk-based supervision and capital frameworks. Looking ahead, significant developments are anticipated in the general insurance landscape, particularly in health insurance.
The Government and IRDAI’s active role in strengthening the country’s health infrastructure is a key driver for growth along with the efforts of the industry to move towards 100% cashless claims.
As a customer-centric insurer, our commitment is to proactively address customer needs, leverage technology, and expand our distribution footprint to increase awareness, accessibility, and affordability of general insurance products across India.
The rising income and increased awareness provides tremendous growth opportunities for the insurers. The regulator IRDAI also aims to boost insurance penetration with the mission of “Insurance for all” by 2047, and is taking various initiatives to make this happen. Expanding penetration, coverage, and density of health insurance are critical to achieving the ultimate goal of comprehensive insurance for all.