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marine insurance. Insurers should invest in advanced clients. Proactive risk mitigation measures contribute to the
technologies, data analytics, and modelling techniques to stability and long-term sustainability of the marine insurance
assess risks accurately and make informed decisions. Regular sector.
risk assessments, monitoring emerging trends, and updating
risk management strategies are vital for staying ahead of Looking ahead, future geopolitical uncertainties pose
evolving risks. challenges to the marine insurance sector. To effectively
respond, insurers must adopt practices, including continuous
Collaboration and information sharing: Collaboration risk assessment and agile underwriting. Embracing advance
among insurers, industry stakeholders, and regulatory bodies technologies facilitates improved risk management, while
is vital for mitigating risks in marine insurance. By sharing partnerships and collaborations foster information sharing
information, insights, and best practices, the industry can and robust risk mitigation.
enhance risk intelligence and collectively respond to emerging
threats. Collaborative efforts can involve sharing data on By anticipating and proactively addressing these challenges,
claims experiences, industry standards, and regulatory marine insurers strengthen their ability to navigate the
changes, as well as working together to develop risk dynamic global landscape, ensuring stability and resilience
mitigation frameworks and guidelines. for businesses in maritime trade. Adaptive and resilient
marine insurance practices are crucial for mitigation risks
By implementing these strategies, marine insurers can and sustaining the industry’s vital role in supporting global
enhance their ability to manage risks effectively, improve trade and commerce amidst ongoing geopolitical
underwriting practices, and provide adequate coverage for uncertainties.

PRESS RELEASE

Tata AIG General Insurance Co. Ltd appointed as Lead Insurer for

Maharashtra for last mile penetration through the State Insurance Plan
The Insurance Regulatory and Development Authority of India (IRDAI) has selected Tata AIG General Insurance Co. Ltd. as
the non-life insurer for the State of Maharashtra to initiate and drive activities in collaboration with all other non-life and
health insurance companies to increase insurance penetration in the State in line with its vision “Insurance for all by year
2047”.

As the chosen insurer, Tata AIG General Insurance Company Limited will collaborate with all non-life and health insurance
companies working in the state of Maharashtra, the IRDAI and the State Government to create awareness of existing
government schemes, enhancing insurance reach and accessibility across the state at the Gram Panchayat, district and
state levels.
The State of Maharashtra certainly requires exponential adoption of insurance for reducing the protection gap to support
sustainable economic development within the state. IRDAI has also identified key segments such as Motor Insurance, Health
Insurance, Crop Insurance to drive overall insurance penetration in the state. Tata AIG will also assist in promoting the
adoption of flagship government schemes such as Pradhan Mantri Jan Arogya Yojana (PMJAY).
Neelesh Garg, MD & CEO of Tata AIG General Insurance Co. Ltd., said, "We are excited to be appointed as the Lead Insurer
and look forward to working closely with our colleagues in other non-life and health insurance companies, the insurance
regulator and the State Government of Maharashtra to raise awareness and increase penetration of insurance to ensure
financial protection for individuals and businesses alike. This is a step towards collaboration in creating a society which is
insured and aware of the list of coverage offered by their insurance policy. It will enable the populace of Maharashtra to be
insurance literate. We will leverage our expertise, technology, and partnerships to develop innovative insurance products
and services that cater to the evolving needs of the people of Maharashtra."

Known for its customer-centric approach and commitment to excellence, Tata AIG General Insurance Co. Ltd. currently
serves millions of customers nationwide.

28 August 2023 The Insurance Times