Insurance products should be clearly spelt during disaster

The central Minister of State for Finance Namo Narain Meena recently said life and non-life cover in the cases of disaster should be clearly spelt out. 

The minister stressed the need to include insurance products in the national disaster management policy while addressing the Asian Forum of Insurance Regulators (AFIR) organised by the IRDA. ” Disaster management has become a challenge. Issues like pricing, selection of nature of insurance cover to be offered and reinsurance were important,” said the minister.

“The approach till now has been relief centric,”’ he said adding that the recent shift was towards a holistic, integrated approach with a focus on prevention and risk-mitigation.

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