The finance ministry held a meeting on Tuesday with the General Insurance Council and chiefs of private sector general insurance companies.
In a statement, the finance ministry said that several critical issues, including exploring the linking of insurance frauds to the CIBIL score in order to prevent and mitigate fraud, were discussed. The meeting was chaired by Vivek Joshi, secretary, Department of Financial Services (DFS), the statement noted.
The other issues that were discussed included building awareness 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” was also discussed, the statement noted.
The government further decided on coordination 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 for increasing cashless facilities and standardising treatment costs to boost the growth of health insurance and encourage the adoption of property and parametric covers to mitigate financial losses due to natural catastrophes” was also discussed, the statement noted.
Insurance Regulatory and Development Authority of India (IRDAI) has committed to enable ‘Insurance for All’ by 2047, where every citizen has an appropriate life, health and property insurance cover.
