Latest news with #AchhaKiyaInsuranceLiya
United News of India
6 days ago
- Business
- United News of India
GIC launches ‘Achha Kiya Insurance Liya' campaign to bridge awareness gap in India's non-life insurance market
Business Economy Mumbai, May 28 (UNI) The General Insurance Council (GIC) of India, the apex industry body representing all non-life insurers in India, on Wednesday launched a nationwide awareness campaign titled 'Achha Kiya Insurance Liya'. Aligned with the ambitious goal of 'Insurance for All by 2047', the initiative aims to normalise insurance as an everyday financial safeguard and focuses on bridging the significant perception and trust gap in uptake of general insurance. Speaking on the occasion, Dr Tapan Singhel, chairman, GI Council and MD & CEO, Bajaj Allianz General Insurance Co Ltd, said that insurance is still viewed more as a reluctant expense than a financial shield, the mindset shift is waiting to happen, and it begins with trust and relatability. "'Achha Kiya Insurance Liya' is our collective attempt to bring insurance closer to the lives and language of ordinary Indians. This is about demystifying insurance, making it relevant and rewarding, not intimidating," he added. UNI AAA SS Tags: #GIC launches 'Achha Kiya Insurance Liya' campaign to bridge awareness gap in India's non-life insurance market
Time of India
7 days ago
- Business
- Time of India
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. Live Events 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.'
