The Insurance regulator has proposed the involvement of insurance companies at the state level and a big hike in the premium collection target in the next five years to deepen insurance penetration in the country.
IRDAI Chairman Debasish Panda said insurance companies should become members of the State Level Bankers Committee (SLBC) and boost the growth of the sector. “States and insurers will benefit from the inclusion of insurers in the SLBC. Quite a bit of AUM (assets under management) is going into the developments in the state,” Panda said at a conclave of insurance CEOs in Hyderabad recently.
“I’m going to request the RBI and the ministry to include insurance in the SLBC Forum,” he said, adding that each state will be assigned to one or two insurance companies for close coordination.