Page 35 - Insurance Times February 2024

Emerging Horizons:

New Opportunities

in Commercial

General Insurance

Sandeep Goradia
Segment ICICI Lombard General Insurance Co Ltd
Chief - Corporate Solutions Group

The Indian economy continues to be a beacon of growth and opportunity, attracting both domestic
and foreign investments across various sectors. The country's economic reforms and ease of doing
business initiatives have further improved the investment climate, fostering entrepreneurial spirit
and innovation.

T he Indian economy continues to be a beacon of As India continues to strengthen corporate governance
practices and inclusive growth, it has taken significant
growth and opportunity, attracting both domestic
and foreign investments across various sectors.
strides in promoting renewable energy to combat climate
The country's economic reforms and ease of doing
business initiatives have further improved the investment change, and has emerged as a front-runner in the adoption
of Environmental, Social, and Governance (ESG) initiatives.
climate, fostering entrepreneurial spirit and innovation.
India's integration into the global economy has strengthened General Insurance as a sector is a critical
its position as a key player in international trade and
investment with Indian companies making significant pillar for the Economy
contributions on the global stage. As India continues on its The prime regulatory change by the (IRDAI) and the
path of progress, the economy's resilience, coupled with the following slew of reforms announced as part of its vision
contributions of corporates and robust infrastructure 'Insurance for All by 2047' has ensured a favourable
development, has emerged as one of the fastest-growing environment for growth. According to the Economic Survey
economies worldwide, with a projected growth rate of over 2022-23, insurance penetration in India is 3.2%, while the
6.0% in FY23-24. non-life insurance penetration is 1%of GDP, there is a
tremendous opportunity with digital revolution fuelled by the
India's ambitious goal of becoming a $5 trillion economy has rising middle class, increased digital literacy, and expanding
sparked a wave of capital expansion across the country. Both access to the internet.
the government and private sectors are making significant
investments in key areas such as manufacturing, technology, The recently introduced 'Use and File' procedure allows for the
healthcare, renewable energy, and digital infrastructure. introduction of new products without the need for prior
The recent $10 billion program for semiconductor approval. Furthermore, the IRDAI has implemented regulations
development attracted global giants, signalling growing surrounding the expenses of management (EoM) for insurers,
confidence in India's capabilities. offering them greater flexibility in expense management.

The Insurance Times February 2024 33