IRDAI vide Press Release dated April 26, 2024, has reported the proceedings of the Sixth Edition of Bima Manthan, conducted on April 25, 2024, and April 26, 2024, at Hyderabad.
Other than a comprehensive exploration of the insurance industry’s performance until the last quarter of the fiscal year 2023-24, the discussions were on topics such as the shared vision of ‘ Insurance for All’, availability of affordable insurance products; adoption of technology; leveraging the India Stack; updates on the State Insurance Plans, and the movement towards principle-based regulatory architecture.
The fifth edition of Bima Manthan witnessed discussions and presentations, along with strategies to tap opportunities in the Insurance Industry. The following points were featured in the meeting:
1. Measures to bolster policyholders’ trust and confidence;
2. Important aspects of leveraging the State Insurance Plan ;
3. Emphasizing products availability and accessibility;
4. Strategies and Action Plan with respect to Bima Trinity;
5. Prioritizing Insurance Awareness;
6. Transitioning towards Risk-Based Supervision, Risk-Based Capital frameworks and convergence to International Financial Reporting Standard (Ind-AS);
7. Maximizing the utilization of the data repository for informed decision-making;
8. Improving the human role capacity to the industry by providing well-trained and skilled workforce specialising in insurance;
9. The mission of achieving maximum insurance inclusion.
The meeting further reaffirmed the collective commitment of the Insurance Sector to uphold the industry’s standards, promote innovation, and ensure that insurance remains a vital tool for risk mitigation and financial security.
Source category: IRDAI
Attachments
- /2024/385_Press_Release_Bima_Manthan_25-26_April_24.pdf
Comments are closed