Page 40 - Insurance Times July 2019

And if we look at the financials pertaining to the major funding agencies for reconstruction following any of such 'cat
events', the results are startling.

Can we actually have the government funding in case of mushroomed. And so have the developments for the
another Bhuj earthquake kind of event ? insurance sector.

The third major challenge relating to all of us is about the What we see is that a majority of the population across the
increase in longevity of an average man/woman across the globe takes care of the medical expenses by spending out
Globe. of their own pockets and the expenses are increasing year
on year - medical inflation is a major part of the same.
The average life expectancy in India in the 1940s was just
about 32 years and we stand at about 70 years today. This
is majorly attributed to the developments in the medical
sciences in the country. However, what escapes our
attention is the fact that these elderly people would need
medical attention, apart from a host of other infrastructural
support. Hence the need of Insurance policies catering to
their specific requirements - the challenges and problems
of gerontology have to be addressed by the Insurers.

We have become a hub of medical tourism and a host of
"ancillary industries" pertaining to hospitality sector have

The above chart is just indicative of the way the medical
spendings have been increasing over period of time.

Most of the insurers do not have a health policy for people
in the age bracket of 70 years and plus.

So we also have an opportunity of entering a big market
there.
40 The Insurance Times, July 2019