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Life Insurance Corporation clocks 11.5% growth in premium income in 9MFY18
16-Feb-2018 (20:22)
Over 5,000 life insurance claims under PMJDY scheme so far: says RTI reply
15-Feb-2018 (09:38)
HDFC Life Insurance unveils its new Pension Guaranteed Plan
13-Feb-2018 (10:01)
Life Insurance private players APE grow 15 percent in January
13-Feb-2018 (09:38)
Insurance industry set to touch USD 280 billion by 2020: says Vice President
12-Feb-2018 (10:18)

Vice President M Venkaiah Naidu today said the insurance industry in India was expected to grow to US Dollars 280 billion by 2020 from USD 84.72 billion in 2017 as the country was poised for higher economic growth.

Speaking at the valedictory session of the 4th South Asian Insurance Regulatory Meet and International Insurance Conference, he said investments made by the insurance companies in various sectors amounted to Rs 30. 76 lakh crore by the end of 2016-17, of which over Rs 2.40 lakh crore was in the infrastructure sector.

"The insurance industry is expected to grow to USD 280 billion by 2020 as the country is poised for higher economic growth. The insurance market increased from USD 23 billion in 2005 to USD 84.72 billion in financial year 2017," the Vice President informed.

He said that an increase in FDI and government schemes to provide insurance cover to people, including farmers, had increased insurance penetration in the country and had spurred the industry.

Naidu said that there was huge potential for growth due to a growing middle class, rise in disposable incomes and greater awareness for insurance coverage.

"As against the global average of 6.2 per cent, the penetration rate of the Indian insurance sector is 3.39 per cent," he said.

Stating that there was a need for insurance companies and regulators to evolve with changing times, he said the focus should be on curbing unfair trade practices and ensuring availability of policies and products to the common man at affordable prices.

As the volumes of subscribers grow, there was a need to prevent fraud and protect the interests of the subscribers who are paying premium, he said.

Cyber security and cyber liability insurance had become extremely vital in the present times with cyber criminals increasingly hacking and stealing valuable and sensitive data, he said.

He hoped that the recently announced National Health Protection Scheme to provide coverage to 10 crore families, the Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana would give momentum to the insurance sector and mitigate financial risks of poor families.
Life Insurance Corporation buys additional 2% stake in Indiabulls Housing Finance
10-Feb-2018 (15:38)
Insurance regulator IRDAI appoints Vasantha Krishna as insurance ombudsman for Chennai
09-Feb-2018 (19:50)
Max Financial to raise Rs 5,000 crore to fund insurance business
09-Feb-2018 (16:56)
Shriram Life Insurance tie up with SureBuddy to offer free insurance cover
08-Feb-2018 (17:12)
Insurance regulator IRDAI asks insurers to transfer unclaimed amounts to senior citizens fund
08-Feb-2018 (09:50)
Insurance regulator IRDAI nixes TPAs' move to run PSU health schemes
07-Feb-2018 (17:56)
Merger most likely by end of next financial year: says CMD, National Insurance
06-Feb-2018 (14:58)
New India Assurance net profit surges to Rs 6.17 billion in Q3
03-Feb-2018 (19:02)
Budget 2018: Jaitley announces health insurance cover of Rs 5 lakh for India's 'vulnerable' families
01-Feb-2018 (12:16)
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