As India continues to witness rising healthcare costs, climate-related risks, and economic uncertainties, industry experts are stressing the need for greater insurance awareness and wider coverage across the country. National Insurance Awareness Day serves as an important reminder that insurance is not just a financial product but a critical tool for protecting individuals and families from unforeseen events.
Commenting on the occasion, Mr. Subrata Mondal, MD & CEO, IFFCO-TOKIO General Insurance Company Limited, said, On this National Insurance Awareness Day, I would like to emphasize on the importance of insurance. Having insurance is essential as it provides financial support against uncertainties.
In India, insurance penetration is very low across all segments. People still need to be pushed to buy insurance, rather than proactively purchasing it themselves. Despite Insurance premiums being lowest among Asia-pacific countries and efforts from agents, regulators, and financial institutions, only 15% of losses are currently covered by insurance policies. For instance, in the case of vehicle insurance, more than half of the vehicles on the road are uninsured.We believe that people should understand the benefits of insurance and take insurance policies to cover their losses in case of uncertainties and medical emergencies.
Experts believe that increasing awareness and encouraging proactive insurance adoption will play a crucial role in strengthening financial resilience across households. As India moves towards greater financial inclusion, improving insurance penetration remains essential to safeguarding lives, assets, and long-term financial well-being.