Page 46 - Insurance Times February 2023

All stakeholders need to strive together to achieve the

mission - Insurance for all: IRDAI Chairman address at

CII's 24th Insurance & Pensions Summit

It is the collective responsibility of all the stakeholders to becoming an economic superpower, anticipated to be the
ensure that every person in the country is adequately insured third largest economy by 2030.
in lines with the honorable Prime Ministers vision of
"In order to reach this potential, collaboration between the
insurance for All.
insurance, pensions, banking, and capital
markets sectors is critical. Together, they
form a circular economic system - with
annuity and insurance providing crucial
stability - that creates the best conditions for
our nation and citizens to succeed in and
adapt to the 21st century," he explained.
The IRDAI Chairman and the Chief Guest of
the event Shri Debashish drew attention to
the significance of insurance in the pensions
sector, as a tool for providing security and
mitigating risk, thus making an invaluable
contribution to society.
"Insurance plays an essential role in fortifying
a nation, contributing to economic growth by
redirecting money into productive sectors and

Insurance and pensions provide an
invaluable opportunity to strengthen a
nation, offering safety and reliability to both
corporations and individuals. They bolster
consumer confidence and spending, support
entrepreneurship, give access to credit, and
can even be shrewdly used as long-term
investments stated Shri Debashish Panda,
Chairman of the Insurance Regulatory and
Development Authority of India (IRDAI).
Speaking at the CII's 24th Insurance &
Pensions Summit ~Insurance & Pensions - A
Vehicle for Country's Growth- organised by
the apex industry body, Confederation of
Indian Industry, he stated that India is

The Insurance Times January 2023 41