Mukherjee asks insurance industry to reach general masses
June 8th, 2010 - 8:01 pm ICT by ANI
Mumbai, June 8 (ANI): Finance Minister Pranab Mukherjee on Tuesday asked insurance industry to give more focus to generate the required level of awareness about the benefits of insurance to rural people.
Inaugurating a new building of Insurance Institute of India in Bandra Kurla Complex in here, Mukherjee said: “Insurance industry should make all efforts to take the necessary steps to ensure the reach of insurance to general masses.
“As for meeting their rural and social obligation, the insurance companies are now increasingly tapping the semi-urban and rural areas to spread the message of protection of life and property through insurance cover,” he said.
“The Government of India have also introduced many special products aimed at the rural markets like Jan Shree Bima Yojana, Universal Health Insurance Scheme, Aam Admi Bima Yojana, Crop Insurance, etc. for the benefit of poor and needy populace in the country,” he added.
Mukherjee further said that there is immense need of disaster management in controlling catastrophic risk in India, so the insurance industry should prepare to deal with any kind of catastrophic losses.
“The insurance companies should concentrate on exploring the world reinsurance market, so that the impact of heavy losses can be mitigated,” he added.
Recognizing the importance of crop insurance as a critical risk management tool, Mukherjee said: “We have taken a serious view of the huge gap between the amount of crop loan disbursed and that covered under the scheme.
“The crop insurance is still not popular among the farmers. At present only 20 per cent farmers are covered under Agriculture Insurance Schemes,” he added.
On this occasion, Mukherjee also released a corporate replica.
Maharashtra Chief Minister Ashok Chavan, Chairman of Insurance Regulatory Development Authority (IRDA) J. Hari Narayan were also present on the occasion. (ANI)
- Generate required level of awareness about insurance benefits to poor: Mukherjee - Sep 01, 2010
- New ULIP norms will build investor confidence: Pranab - Sep 01, 2010
- Over 14.5 million covered under social security programme - Nov 29, 2010
- GIC Re covered for Japan risks: Chairman - Mar 15, 2011
- CAT insurance could be mandatory: IRDA - Aug 11, 2010
- Now, workers in unorganised sector under health insurance scheme - Jan 12, 2012
- Government health insurance to cover beedi workers - Mar 15, 2012
- Himachal launches crop insurance scheme - Jul 13, 2011
- Pranab Mukherjee asks state governments and banks to improve credit flow - Jun 28, 2010
- Indian insurers taking stock of Japanese tsunami - Mar 11, 2011
- IRDA asks general insurers to avoid unhealthy competition - Dec 16, 2011
- Bharti AXA to infuse Rs.200 crore additional capital in 2012 - Mar 05, 2012
- 12th Five Year Plan to focus on health: PM - Aug 15, 2011
- Mukherjee to take stock of bank's performance on Credit Deposit Ratio - Jun 14, 2010
- Max Bupa bids for state health insurance in three states - Oct 18, 2011
Tags: catastrophic losses, catastrophic risk, chavan, critical risk, crop insurance, disaster management, government of india, health insurance scheme, heavy losses, immense need, insurance institute, insurance regulatory development authority, insurance schemes, pranab mukherjee, regulatory development, reinsurance market, risk management tool, social obligation, universal health insurance, yojana