Page 48 - Insurance Times May 2024

was intense, the standard Corona Cover health policies such in the regulation to promote ease of doing business for the
as Corona Kavach had resulted in significant relief to the industry, led by the current Chairman Debasish Panda.
people.
In March 2024, IRDAI announced a major regulatory
Big Push revamp encompassing pivotal domains such as safeguarding
of policyholders' interests, rural and social sector
A major catalyst for positive shifts in the insurance industry responsibilities, electronic insurance marketplace, insurance
in the last one decade was the pandemic. Notwithstanding products and operation of foreign reinsurance branches, as
the tragedy it inflicted on lakhs of families, it did augur well well as aspects of registration, actuarial, finance, investment
for the awareness on the need for financial and social
and corporate governance.
security offered by insurance. The demand for health
insurance surged. While the motor segment had a lion's The revamp, which came to effect from FY25, will be a game
share in the nonlife business, the health segment now leads changer for the industry and all stakeholders. It marks a
the business with about 24 per cent annual growth. significant milestone in regulatory governance which has
replaced 34 regulations with 6 regulations and introduction
There has been a significant rise in the contribution of of 2 new regulations enhancing clarity and coherence in the
health insurance cover to overall nonlife insurance. The regulatory landscape.
proportion of health insurance in business was 34 per cent,
and at the end of the third quarter of the 202324, it reached Centre's Role
38 per cent, as per the latest data.
An interesting aspect about the insurance industry is the role
played by the Centre as a facilitator. The NDA Government
The higher demand for health coverage has also prompted
did bring insurance closer to the commoners by introducing
insurers to introduce tailored products, leverage digital
platforms for accessibility, and expand their healthcare lowcost insurance schemes such as Pradhan Mantri Jeevan
provider networks. Bima Yojana and Pradhan Mantri Suraksha Bima Yojana. The
agricultural insurance too got a boost with Pradhan Mantri
Fasal Bima Yojana.
There has been a renewed focus on digital push with
platforms and mobile apps enhancing policyholders' The landmark decision by the Government was to increase
convenience in purchasing, claiming, and accessing essential the permissible FDI limit in insurance from 49 per cent to
information.
74 per cent and allow foreign ownership and control with
safeguards. All these developments, most probably, will
Shifting Gears define the growth for next 10 years for the insurance
Last two years stand apart in terms of revolutionary changes industry. (Refer: The Business Line)

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44 May 2024 The Insurance Times