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

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

Inaugurating a Seminar on Financial Risks & Liability Insurance : 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 insurance 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 insurance which would come about as this is what has happened for life insurance 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 insurance will also grow faster than anticipated as the Chamber is confident of its estimated growth and diversification.

Speaking on the occasion, Chairman, Insurance 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 insurance sector is poised for higher growth. What is required is a massive campaign to promote this branch of insurance.

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

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