IRDAI vide Press Release dated September 06, 2023 has notified about the Bima Manthan which was conducted on September 04, 2023 and September 05, 2023, at Hyderabad. The discussions, deliberations and insights highlight the dedication towards growth and development of Insurance with an aim to achieve ‘Insurance for all by 2047’.
The fourth edition of Bima Manthan witnessed discussions and presentations, along with strategies to tap opportunities in the Insurance Industry. Following points were featured in the meeting:
1. Emerging risks in Insurance sector.
2. Innovative Product Development.
3. Strategies for bridging the protection gaps.
4. Revamping distribution approaches.
5. Developing technology for expanding the access of Insurance.
6. Progress made by Insurance strategies.
7. Strategies to accelerate State Insurance Plan (SIP)
8. Progress made towards implementation of:
- Risk Based Capital Framework (RBC)- rolling out of Quantitative Impact Study (QIS-1).
- Risk Based Supervision Framework (RBSF)- commencement of first pilot exercise.
- International Financial Reporting Standards (IFRS)- glide path outlined for adoption of IFRS.
9. Emphasis was also placed on ensuring Availability, Accessibility and Affordability of insurance. Deliberations were carried out to understand the types of products needed to cater the dynamic requirements and importance of increasing the geographical presence.
10. Interaction of the Insurance Industry with the CEOs of Micro Finance Institutions Network (MFIN) and Sa-Dhan, the Self-Regulatory Organizations registered with Reserve Bank of India (RBI). They offered perspective on financial inclusion, micro insurance and focused on synergies that can be shared between the network of MFIs, NBFC, SFBs, etc. and insurance industry. They also threw light upon the market they cater to and the ways in which insurers can harness it for insurance penetration in the country.
The meeting further reaffirmed the collective commitment of the Insurance and Reinsurance 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
- /2023/257_Press_Release_Bima_Manthan_4_5_9_2023.pdf
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