IRDAI Vision 2027: Insurers team up to expand insurance in AP
Hyderabad, May 20 As part of the insurance regulator’s vision to boost insurance penetration through state-specific plans, all major life and non-life insurers have agreed to work together in Andhra Pradesh.
The decision was reached at a meeting of industry representatives, state government and the regulator at a meeting in Visakhapatnam on Friday.
The Insurance Regulatory and Development Authority of India (IRDAI) has allotted states and union territories for each insurance company to increase insurance penetration in India and get insurance in every nook and cranny of the country.
This decision is in line with the IRDAI Vision 2047 plan which aims to provide ‘Insurance for All’ by 2047 – the centenary of India’s independence.
Lead insurance companies
Under this initiative, Universal Sompo General Insurance Company, Star Health and Allied Insurance Company Limited and Aegon Life Insurance Company Limited Andhra Pradesh are allotted to act as principal underwriters.
The aim of today’s meeting in Vishakhapatnam was to enhance collaboration between the companies and to develop practical plans to increase insurance penetration with the support of the Government of Andhra Pradesh.
“This is an important step towards enhancing the culture of insurance in Andhra Pradesh. We look forward to working collaboratively to tackle any challenges that may come our way and provide effective solutions to make Andhra Pradesh a fully insured nation,” said Sharad Mathur, Managing Director and CEO, Universal Sompo. .
Sateshwar B said: , Managing Director and CEO of Aegon Life Insurance Company, “Aegon Life is committed to creating a financially secure future for every Indian family, with a special focus on the diverse communities of Andhra Pradesh.”
Anand Roy, Managing Director and CEO of Star Health and Allied Insurance Company, said the aim is to raise awareness of health insurance in Andhra Pradesh.
The insurers have agreed to work cohesively — among other things to work towards enhancing auto insurance coverage, providing innovative health insurance covers, and affordable life insurance solutions to citizens, according to a statement.