Hyderabad, May 20  As part of the insurance regulator’s vision to promote spread of insurance through State-specific plans, all major life and non-life insurers have agreed to work together in Andhra Pradesh.

This decision was arrived at a meeting of representatives of industry, state government and the regulator at a meeting held in Visakhapatnam on Friday.

The Insurance Regulatory and Development Authority of India (IRDAI) has allotted states and union territories to every insurer to increase insurance penetration in India and take insurance to every nook and corner of the country. 

This decision is in line with the IRDAI Vision 2047 plan aimed at providing ‘Insurance for all’ by 2047 – the centenary year of India’s Independence. 

Lead insurers

Under the initiative, Universal Sompo General Insurance Company, Star Health and Allied Insurance Company Limited, and Aegon Life Insurance Company Limited have been allocated the state of Andhra Pradesh, to operate as the lead insurers.

The objective of today’s meeting in Vishakhapatnam was to foster collaboration among companies and develop actionable plans to increase insurance penetration with support from Andhra Pradesh government.

“This is a significant step towards fostering a culture of insurance in Andhra Pradesh. We look forward to working collaboratively to tackle any challenges that may come our way and providing effective solutions to make Andhra Pradesh a fully insured state,” Sharad Mathur, MD & CEO, Universal Sompo said. 

Satishwar B., MD and CEO, Aegon Life Insurance Company, said, “Aegon Life is committed to creating a financially secure future for every Indian household, with a special focus on Andhra Pradesh’s diverse communities.”

Anand Roy, MD & CEO of Star Health and Allied Insurance Company said the  aim was to increase awareness on health insurance in Andhra Pradesh. 

The insurers agreed to work cohesively – among other things to work towards enhancing motor insurance coverage, providing innovative health insurance covers, and affordable life insurance solutions to the citizens, according to a release.