General insurance industry to invest Rs 100 cr annually for next 3-5 yrs in nationwide awareness campaign
The
general insurance industry
has committed to investing Rs 100 crore each year for the next 3–5 years in a awareness campaign to improve
insurance
adoption.
Backed by the
General Insurance Council
and regulatory support, the campaign is looking to bridge the gap between insurance availability and its penetration across vast population and diverse geographies.
The industry leaders today came together to discuss the need for the campaign- Achha Kiya Insurance Liya- with a vision to increase the insurance penetration which at 1% of the GDP against the global average of 3.3%.
Tapan Singhel, MD & CEO of
Bajaj Allianz General Insurance
, said the industry quietly pays claims when it matters the most, that is at the time of need.
'Last year alone, 2.69 crore families benefited from health claims worth ₹83,000 crore. During COVID-19, the industry paid five times its annual profit in claims, without a single bailout request from the government. Insurance silently cushions people in their most vulnerable moments,' he said.
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Drawing a sharp comparison between developed and developing economies and how the two gets affected post a catastrophe, he said, in Florida, when a hurricane hits, the state's GDP goes up, thanks to insurance payouts fueling recovery. 'In India, GDP dips because of underinsurance. This campaign is about changing that reality,' he said.
He said that ninsured MSMEs take the biggest hit during catastrophes, dragging GDP down by 1.82%. 'If we plug this leaking bucket, India's 6–7% GDP growth can climb to 10–11%. That's the power of insurance,' he said.
Anuj Tyagi, Joint MD,
HDFC ERGO General Insurance
, stressed the role of digital infrastructure in expanding reach saying that with data from IIB, we can now pinpoint uninsured vehicles on Indian roads. 'This opens the door to precise, data-driven enforcement and outreach,' he said.
'Insurance is the only product needed from birth to death,' said Mayank Bhatwal, CEO of Aditya Birla Health Insurance. 'Whether rich or poor, people don't want to compromise on quality healthcare, and only insurance can make that quality accessible.'
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