The Insurance Regulatory and Development Authority of India (IRDAI) recently hosted the fourth edition of Bima Manthan on September 4 and 5, a significant gathering attended by CEOs from India’s insurance and reinsurance companies. The event took place at the IRDAI Headquarters, highlighting the ongoing need for dialogue within the insurance sector. CNBC TV18 reported that the central theme of this meeting revolved around advancing the growth and development of insurance in India, with a steadfast commitment to achieving the goal of Insurance for All by 2047.
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Throughout the two-day event, several key highlights emerged. These included discussions on strategies to harness growth opportunities in the insurance sector, address emerging risks, foster innovative product development, bridge protection gaps, overhaul distribution approaches, and recognise the pivotal role of technology in expanding insurance accessibility.
Participants delved into the progress made regarding the implementation of crucial frameworks, such as the Risk-Based Capital Framework (RBC), Risk-Based Supervision Framework (RBSF), and International Financial Reporting Standards (IFRS).
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A paramount focus of the event was the assurance of insurance availability, affordability, and accessibility. In this context, the stakeholders explored the necessity for diverse insurance products to meet ever-evolving requirements and the importance of expanding the geographical reach of insurance companies while enhancing distribution strategies.
The CEOs of Micro-Finance Institutions Network (MFIN) and Sa-Dhan, a Self-Regulatory Organisation registered with the Reserve Bank of India (RBI), also actively engaged with the insurance industry. They offered views on financial inclusion and micro-insurance, highlighting potential synergies between their extensive networks and the insurance sector. It was underscored that insurance penetration in the country would expand the market these entities serve and influence their operational methods.
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The meeting reiterated the collective commitment of the insurance and reinsurance sector to elevate industry standards, promote innovation, and ensure that insurance continues to play a pivotal role in risk management and financial security.
