Indian Government representatives and members of industry weighed in on the role of microinsurance from a recent Confederation of Indian Industry (CII) conference. During his speech, Tarun Bajaj, joint secretary of the department of financial services and the ministry of finance, expressed his view that insurance companies should place more emphasis on microinsurance: “Microfinance will not be complete without microinsurance as one event is enough to push back an aspiring farmer into his original state.” He urged insurance companies to work with microfinance institutions (MFIs) to provide insurance to the poor.
Meanwhile, Bimalendu Chakrabarti, chairman of New India Assurance, contended that strict government regulations have prevented the creativity necessary for insurance companies to expand into microinsurance in a profitable manner. After praising the removal of government pricing control, Mr. Chakrabarti expressed the need for increased “flexibility on the wording terms and conditions” for private companies when creating policies.
The Confederation of Indian Industry (CII) is a non-profit organization that promotes pro-business policies in India. The organization serves as a broad trade association for over 7500 organizations, including small and medium sized enterprises (SMEs). The group also works with multinational corporations (MNCs) and has branch offices in eight other countries. The recent conference was focused on the Indian insurance industry.
By Greg Casey, Research Assistant
Additional Resources:
The Economic Times: “Cover cos fail to insure lower sections of society, feels govt”
Confederation of Indian Industry: About Us
New India Assurance: Home
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