IRDA News Update: Insurance regulator IRDA Chairman Debashish Panda said on Wednesday that for the first time since 2017, a general insurance company has been given license and about 20 more applications are being considered.
Panda said that Kshama General Insurance has recently got the general insurance license. Earlier in the life insurance sector, licenses were given to Credit Access Life and Eko Life at the beginning of the year. The regulator is considering about 20 more applications.
23 life insurance companies are working
Speaking separately during a program of industry body FICCI, he said that last time licenses were given in 2011 in the life insurance sector. Presently 23 life insurance companies and 33 general insurance companies are working in the country.
How much has been the premium price?
The assets under management in the insurance industry stood at Rs 59 lakh crore and premium value Rs 10 lakh crore in February, up 16 per cent year-on-year.
What did the chairman say?
Panda called upon the industry to take ‘Insurance for All by 2047’ not as a slogan but as a campaign and act upon it. He expressed confidence that the set target can be met ahead of time. He said that in order to achieve this goal, the industry will have to take out-of-the-box steps and adopt more and more technology so that they can develop more and more products, which are affordable and accessible to people who have not been able to access them so far. are not covered.
Work should also be done for the employees, the chairman of IRDA also said that the industry, which is considered to be the backbone of the economy, should look into bringing under its purview the deprived sections like small enterprises. He said that products should also be developed for the employees working temporarily in different sectors.
