More insurance players, wider range of products key to achieve insurance for all goal by 2047: IRDA Chairman, Debasish Panda

India needs more number of insurance players, much wider range of products and also more distribution partners to achieve the insurance for all goal by 2047, IRDAI chairman Debasish Panda said here. The insurance sector was opened up more than two decades ago and the market has grown much bigger, but still there is too much scope for faster and deeper growth, he said addressing the annual summit of the Indian Private Equity and Venture Capital Association.

In the past five years, the sector has grown 10 per cent each year, still insurance penetration is too low at 4.2 per cent in 2021 and we need to cover much more, he said.

“We’re a diverse nation of 1.4 billion people. We can’t have a one-size-fits-all approach, instead we need more unique products that can meet the insurance needs of both the super rich as well as the very poor. And such unique products cannot be served by the limited number of players we have today at 70.