Page 26 - The Insurance Times February 2026

international players to enter India & Indian insurance If guided with clarity and ambition, this flexibility can
companies to test global markets. become a strategic advantage-turning India from a fast-
growing insurance market into a global leader influencing
Conclusion how the world thinks about protection, resilience, and risk
management in the decades ahead.
India's insurance sector stands at an important turning point.
While it may not yet fit the traditional definition of a
"mature" market, but the respondent believes , it holds the References :
unique potential to redefine what maturity should mean in 1. IRDAI report 2024-25
a rapidly changing world. Instead of simply aiming to 2. India Insurtech Association annual report 2025
replicate western models, India can shape its own path, one 3. https://www.bcg.com/indian-insurance-top-
grounded in trust, transparent governance, strong data updates?utm_source=chatgpt.com
foundations, and technology-led innovation.
4. https://www.swissre.com/institute/research/topics-
and-risk-dialogues/economy-and-insurance-outlook/
By strengthening internal discipline, modernizing regulatory india-economy-insurance-market-
approaches, and placing consumers at the centre of every growth.html?utm_source=chatgpt.com
decision, India can move beyond catching up to global
standards and start setting them. In many ways, the 5. https://www.ey.com/en_in/insights/insurance/
market's current "immaturity" is actually its greatest insurance-for-all-enhancing-insurance-coverage-across-
strength. With fewer legacy systems, greater openness to india?utm_source=chatgpt.com
new ideas, and a thriving digital ecosystem, India has the 6. https://www.genevaassociation.org/sites/default/files/
freedom to experiment, adapt quickly, and build solutions research-topics-document-type/pdf_public//ga2015-
that are both inclusive and cutting-edge. insurance-resolution.pdf?utm_source=chatgpt.com

Linking credit with health cover is self-development finance,
says CEA

Inclusive finance must be anchored within a broader ecosystem of healthcare insurance and social security to protect
both borrowers and lenders, Chief Economic Advisor V Anantha Nageswaran said, emphasising that linking credit to
health protection is not charity but a form of self-development finance.

Speaking at the Global Inclusive Finance Summit, Nageswaran said that loan defaults are often driven not by indisci-
pline or irresponsibility, but by unforeseen shocks, particularly health-related events. "Even well-designed credit can-
not do everything on its own. When illness strikes, even a growing business can stumble," he noted, underlining the
vulnerability of small borrowers to medical emergencies.
He urged mainstream banks to move beyond a passive role in the formalisation of the economy and actively integrate
proven borrowers from informal segments into their core lending portfolios. Citing the PM SVANidhi scheme,
Nageswaran said street vendors have demonstrated credit discipline and growth potential, raising the question of
whether banks are willing to extend overdrafts, insurance and working capital facilities to them.
The CEA stressed that micro borrowers should not remain confined to microcredit indefinitely, but should progres-
sively gain access to wider financial products as their businesses grow. He added that timely payments and fair con-
tracts are often more powerful tools for inclusion than credit alone, noting that "inclusive finance does not require
heroic interventions, but consistent and equitable financial practices."

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24 February 2026 The Insurance Times