Nearly half of vehicles are uninsured: Irdai

MUMBAU: The insurance regulator on Monday said that close to half the vehicles in the country continue to remain uninsured which is an indication of the unavailability of adequate insurance covers.
Speaking at the 18th insurance summit, in Mumbai on Monday, Panda asked the insurance students to come up with innovative and tech enabled ways in which India can cover up the 83% protection gap.
“The second area of focus should be product simplification and innovation. Tech-based coverages, and region-based coverages have to be looked into because one size fits all is no longer applicable,” said Panda.
Panda said that the industry has been growing at 11% CAGR for the last 5 years but to insure every person in India, there was a need to highlight the importance of insurance as financial and social protection.
Panda said that IRDAI is also working on Bima Sugam- a one-stop shop for insurance. Bima Sugam is a new online platform approved by the regulator where different types of insurance products will be sold. The policies sold on the platform will be in digital form, and the buyers need not worry about the safekeeping of the contract. Besides selling policies and servicing claims, the platform will make it possible for customers to port their policies from one provider to another.