About 95 pc of country's population uninsured: Report
National Insurance Academy said in a report, which was released on Thursday. Unveiling the report, Irdai Chairman Debasish Panda urged the industry to emulate steps that led to the massive success of the UPI, opening of bank accounts, as well as mobile penetration.
Panda said a compulsory natural calamity insurance in high-risk regions — as recommended in the report — is needed if the country wants to achieve insurance for all by the time the nation completes a hundred years as a republic.
According to the report, 95 per cent of the country's population of 144 crore is uncovered.
The high prevalence of lack of insurance coverage assumes importance in the light of the increase in the number of natural calamities and other climate-related disasters to hit the country.
Further, it said 84 per cent people from low- and middle-income categories, and 77 per cent from coastal regions, tier-2, and tier-3 cities, lack property insurance.
The report also called for compulsory crop insurance for farmers who have taken bank loans, supported by premium financing from microfinance institutions and agri-input suppliers.
Giving category-specific insurance gap, the report said currently, annuity and pension protection gap is at a high of 93 per cent.
There is an 87 per cent protection gap on life insurance, which presents a huge business opportunity, the report said.
On health insurance, the report said 73 per cent of the population is uncovered, and called for collaboration between government, NGOs, and industry groups to create micro health insurance with simplified products.
Pension and annuity coverage also lags with just 24 per cent enrolled in employee retirement schemes. Notably, low-income individuals and
