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GIC Estimates Size Of Non-Life Insurance Growing Five Times By 2026, Says Its Secretary General

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Secretary General, General Council, Mr. R Chandrasekaran forecast the size of non-life and liability would grow five times by next decade as non-life and liability is gradually growing a risk mitigation exercise in India.

Inaugurating a Seminar on Financial Risks & Liability : Current Scenario and Way forward organized by the PHD Chamber of Commerce and Industry, Mr. Chandrasekaran emphasized that with proper policy, ongoing innovations and regulations in place, the non-life and liability which is currently estimated at a size of 3%, however, will stay put at this number for another 4-5 years and subsequently frogleap.

According to him, a great deal of public exercise and campaigning is called for to arise public awakening for larger participation of stakeholders in this non-life segment to enable it realize its latent potential.

Supportive regulations and policies are also needed for the growth of non-life which would come about as this is what has happened for life to pick up in India in the past, indicated Mr. Chandrasekaran and also urged the PHD Chamber to carry such conferences across other Tier-1 and Tier-2 cities of India.

In his opening remarks, Vice President, PHD Chamber, Mr.

Anil Khaitan also hoped that with changing India, its liability and non-life will also grow faster than anticipated as the Chamber is confident of its estimated growth and diversification.

Speaking on the occasion, Chairman, Committee of the Chamber, Mr. Yogesh Lohiya also exuded confidence saying that with skilling, digital and Make in India picking required pace, the non-life sector is poised for higher growth. What is required is a massive campaign to promote this branch of

Managing Director, Nilam Sharma, Ms. Nilam Sharma in her presentation detailed out her perception on Directors and Officers relating to non-life and their role to diversify and expand this sector.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 10:22 IST