Page 8 - The Insurance Times November 2024
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CO2 emissions and energy reduction.
PM's Principal Secretary Advocates for Broader In- "Implementing an additional policy
surance Coverage Across All sectors with a carbon-free electricity standard
Expressing concerns over the rising frequency and intensity of disasters glo- where 75% of electricity is sourced
bally, including in India, Prime Minister's Principal Secretary P K Mishra has from renewables results in a 75% re-
duction by 2050 compared to BAU val-
advocated for a strategic vision to expand insurance coverage across diverse
ues," it said.
sectors and entities. According to a statement issued, Mishra was speaking
at a National Disaster Management Authority (NDMA) workshop on 'Why
Disaster Risk Insurance Matters -- Key Concepts and Benefits'. PhonePe Introduces Fire-
He said ensuring that insurance is not only available but also accessible to cracker Insurance for Fes-
the most vulnerable is a key challenge. At the event held, Mishra deliber- tive Season
ated on the likely role of the government in supporting the expansion of
insurance coverage. PhonePe, announced the launch of a
new insurance plan, offering compre-
He also posed several questions such as, "Should the government act as a hensive protection against firecracker-
catalyst, facilitating the growth of the insurance market, or should it take related accidents and providing users
a more direct role such as purchasing insurance for certain sectors? How with affordable insurance coverage
should the government create public-private partnerships that improve the
during the upcoming festive season of
outreach of insurance services and products?"
Diwali. The coverage plan, available at
Mishra then added that these questions directly relate to the fiscal just Rs. 9 (inclusive of GST), provides
sustainability of insurance-related interventions. PhonePe users up to Rs. 25,000 com-
prehensive coverage for 10 days dur-
ing the festival period to safeguard
India Targets a 71% Reduc- The transport sector in India ac-
counted for 14% of the total energy- against any firecracker-related acci-
tion in Vehicular Emissions related CO2 emissions in 2020. The dents. With this launch, users nation-
Over the Next 26 Years report said there is a need for an emis- wide can celebrate the festival with
India can achieve 71% reduction in CO2 sion reduction roadmap and targets for security and peace of mind, knowing
that in the event of an accident, they
emission from the transport sector by the transport sector to achieve the
2050 by adopting three high-ambition net-zero target by 2070. are financially protected against hos-
strategies - electrification, improving The study arrived at the estimates us- pitalization and accidental death ex-
fuel economy standards, and switching ing India Energy Policy Simulator penses.
to public transport for passenger (EPS), an open-source systems dynam- Due to firecracker-related injuries dur-
movement and railways for freight, ac- ics model that allows users to develop ing the festive season across the coun-
cording to a study by World Resource scenarios for varying time frames such try, PhonePe has introduced this prod-
Institute. as by 2030, 2040, & 2050 for reducing uct to combat any potential financial
The Insurance Times November 2024 7
