Need to insure uncovered at affordable costs: experts in Pune

City-based National Insurance Academy (NIA) held a day-long seminar on its campus recently. The seminar, which was on the topic of ‘Financial inclusion through insurance’, stressed on how insurance can address the need of protective financial umbrella for the country and the underprivileged section who need it most. 

The seminar brought together eminent personalities known for their contribution towards the field of financial inclusion. Achintan Bhattacharya, interim director, NIA, stressed on the announcement of setting up of public sector insurance offices in all towns of India with population of 10,000 and above, in the 2013-14 national budget.  

On how the insurance sector can treat the poor as their customers, Thomas Mathew T, current-incharge-chairman, LIC and chairman, governing board, NIA, said, “We need to enhance the process of insuring to all uncovered people at an affordable cost, so the low-income groups can also contribute small amounts towards insurance.”

Complimenting NIA on its initiative on financial inclusion of low-income groups, chairman of Insurance Regulatory and Development Authority (IRDA) TS Vijayan said, “The insurance penetration in India is 4.1 life and 0.7 for non-life, which is very small. We still have a long way to go. To build a strong system, we must focus on ensuring all financial needs.”

About 200 delegates, including senior executives from public and private sector insurance companies, leading banks, NGOs and other participating organisations attended the seminar. This was the first seminar that was hosted by NIA in Pune.