On 7th Dec 2022, we are back again with the 9th edition of our Annual Insurance Summit. The ET Insurance Summit in its last 8 years has addressed the challenges faced by the insurance industry and is a much looked forward to premium event to hear about the latest trends, challenges, and sectoral growth stories.
The insurance industry has proved to be most resilient during the pandemic. The non-life industry has registered a 12.7% growth and the life insurance industry has registered 10 % growth- according to a latest IRDA number.
India is vastly under insured, with only 5 % covered under home insurance, 20 % for life insurance and hardly 2 % for cyber insurances. There is still only 25 % of the population who are covered under health insurance, according to a recent survey and the path to growth is to bridge this gap. There is a large MSME population who are not covered yet- This is where the future growth story is all concentrated on.
In the recent Bima Manthan meet, Insurance companies have been advised to come up with plans to achieve insurance penetration of 6.18% by Fy27. We need deep-scale insurance penetration in all parts of the country which would in turn depend on the ease of doing business, amongst the customers, intermediaries, and the insurance players.
The summit will discuss the strategies employed by top management in deploying growth initiatives, for building a lasting stake holder relation by an increased focus on key innovation areas. This year, we will concentrate on understanding what the road to growth is paved with – aided by deep insights from the top management from Life and Non- Life industry.