Delhi: Financial services secretary chairs meeting with private sector general insurers
Oct 18, 2023
New Delhi [India], October 18 : Dr Vivek Joshi, Secretary, Department of Financial Services (DFS), Ministry of Finance, on Tuesday chaired a meeting with the General Insurance Council and the leaders and CEOs of private sector general insurance companies here in the national capital, an official release said.
Several critical issues having implications for the general insurance sector were discussed in detail including:
- Awareness building through continuous interaction with States under State Insurance Plans to increase insurance penetration and coverage.
- Distribution channel rationalisation in opening up the agency channel for the general insurance industry to increase insurance penetration.
- Coordinating with State Governments and the Ministry of Road Transport and Highways to initiate a special drive to ensure compliance with the Motor Vehicles Act.
- Collaboration with the Ministry of Health to increase cashless facilities and standardization of treatment costs to boost the growth of health insurance.
- Encourage adoption of Property/Parametric covers to mitigate financial losses due to natural catastrophes.
- Devising mechanisms to cover the Micro, Small and Medium Enterprise sector
- Exploring the linking of Insurance frauds to the CIBIL score to prevent/mitigate frauds.
After fruitful deliberations and a focused exchange of opinions on these matters, Joshi directed DFS officials to take them up actively for resolution.
It was also decided that regular meetings will be held with the industry - both private and public sector - so that the growth and development of the insurance sector is facilitated with continuous collaborative efforts, the official release added.
