BCIC Summit '24 foresees transformative growth in insurance sector

NT Correspondent

Bengaluru: The Bangalore Chamber of Industries and Commerce (BCIC) Insurance Summit 2024 highlighted the transformative potential and challenges facing India's insurance sector in the coming decades.

Eminent speakers at the event emphasised the need for the industry to adapt to a dynamic landscape, balancing opportunities and challenges.

Geetanjali Kirloskar, Chairperson and Managing Director of Kirloskar Systems Pvt Ltd, stressed the urgency for the insurance sector to evolve, especially in addressing escalating cyber risks.

She envisioned significant growth in comprehensive health insurance policies, projecting a rise from 2.6% to 26.3% by 2047, covering 437 million people.

G Srinivasan, Ex-CMD of New India Assurance, highlighted the immense growth potential in the general insurance sector, expecting an expansion of 18% to 20% for the next two decades.

He emphasised the importance of increasing awareness about insurance concepts and products to boost penetration levels in India. Dr. S. Devarajan, President of BCIC, emphasised the role of insurance in risk management for sustainable development.

The summit covered various aspects, including cyber insurance, D&O liability lines, Marine Insurance, and Trade Credit Insurance, fostering discussions among over 150 delegates from the insurance, brokerage, and BFSI sectors.

The consensus among experts was that the industry must evolve rapidly, leveraging technology and innovation to achieve the vision of insurance for all by 2047.