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Magma HDI, which has been identified as the lead insurer for Kerala by IRDAI, is aiming to achieve a 20 per cent growth by the industry for insurance products.
Amit Bhandari, Chief Technical Officer, Magma HDI said the potential insurance gap in Kerala is around ₹10,000 crore. According to him, 19 per cent of the vehicles plying in the State are without motor insurance and approximately two crore people are without any health insurance. Besides, 75 per cent of MSME are uninsured and less than one per cent of household is having any form of insurance.
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Speaking to businessline on the sidelines of an awareness campaign in Kochi on the National Insurance Day, Bhandari said Kerala has a proud legacy in the health sector and at the same time, the disease burden due to chronic diseases which is on the higher side.
The need for “Insurance for All” in Kerala is higher than other states as Kerala is exposed to higher natural catastrophic events. Hence, adequate insurance is the need of the hour for continued fostering of the emerging MSMEs of the State.
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In addition, other factors like an ageing population and higher instances of non-communicable diseases, indicate a huge gap in financial protection from health-related expenses. Magma HDI has launched ‘Insurance Edutho’ an awareness campaign to educate the people about the importance of insurance, he said, adding that awareness is the first step that will lead to insurance adoption.
The company hosted the campaign to support IRDAI’s vision of ‘Insurance for all by 2047’, he said adding that it is working out a scheme with State government to insure more people, vehicles and the MSME sector.
It plans to undertake various initiatives to spread the word about insurance leading to a higher penetration. Magma HDI will also work towards product availability and last mile insurance service delivery to the uninsured population, he said.
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