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There is a need to insure all assets of the country, according to T S Vijayan, Chairman of Insurance Regulatory and Development Authority of India (IRDAI).
He was speaking at a function organised by ICICI Lombard to mark the sale of one lakh long-term two-wheeler insurance policies here on Wednesday.
"'In the US, 80 per cent of assets are insured, while in India this is only at 7 per cent," he said.
Saying that there were 54 life and general insurance companies in the country, Vijayan said there is huge scope for increasing insurance penetration further.
The insurance penetration is less than 4 per cent of the country's GDP today.
Digitisation of policies to reduce the costs of distribution and speedy settlement of claims were important, he observed.
Bhargav Dasgupta, MD & CEO of ICICI Lombard, said response for the product offering long-term insurance was 'good '.
About 60 to 70 per cent of over 16 crore two-wheelers in the country did not have insurance, he added.
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