Money & Banking

Campaign to increase awareness of general insurance

Mumbai | Updated on March 05, 2020

To increase awareness and penetration of general insurance products, the apex industry body, General Insurance Council, on Thursday, launched a nation-wide campaign. Called ‘Fayde ki Baat’, the campaign aims to increase awareness about general insurance and also educate people on how to safeguard themselves and their assets such as home, health and vehicle.

Personal line of insurance such as home, health, vehicle insurance – both third party and own damage – are the focus areas of the campaign. Similar campaigns have also been run by the mutual fund industry as well as the Life Insurance Council.

AV Girija Kumar, Chairman, GIC, said the aim is to increase the penetration of general insurance to 2.5 per cent of GDP by 2030 from 1 per cent at present.

“The main function of insurance is to provide protection against the probable chances of loss. However, the non-life industry is faced with a situation where there is still some gap between consumers’ awareness and understanding of benefits of general insurance products and their expectations from it,” he said.

Kumar also expressed hope that the campaign will help increase the gross premium of general insurers to ₹4-lakh crore by the end of the fiscal year 2024-25, but declined to give any targets for the next year. Gross premium of general insurers is expected to rise to about ₹2-lakh crore by the end of the fiscal.

MN Sarma, Secretary General, GIC, said the campaign will initially run for two to three months and will then be relaunched after the gap of a month.

All 25 general insurance, six standalone health insurance firms and two specialised insurance companies, along with 11 reinsurers, have come together for the campaign.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on March 05, 2020
This article is closed for comments.
Please Email the Editor