Skip to main content

Actual and Projected Wealth in Insurance in FY24


Total individual wealth in insurance may almost double in next 5 years


Increased awareness, ease to avail insurance through improved technology, regulatory changes, and rising underinsured young population to catalyse the process.
 Insurance forms the third largest asset class with a 14.08% share in total individual financial assets after direct equity and FD said india Wealth Report 2019 by Karvy Private Wealth. Indivisual wealth in insurance may grow at a CAGR of 14.46% in the next 5 years from INR 36.9 trillion in FY2019 to  INR 72.4 trillion in FY2024, the report predicted.

The report said that there is still a huge market for advisors and agents to explore in the insurance sector. In a nation of 1.3 billion people, it is quite suprising that our insurace coverage  is as low as 20%, the report said. Adding to it, the majority of indians are not adequately insured. This means more than 80% of indians are yet to buy sufficient life insurance cover under any life insuance scheme.

Going ahead, multiple growth drivers will be:

  • Increased awareness about the importance of buying an adequate insurance cover with efforts by life insurace companies for educating indians across length and breadth of India.
  • Increase availability & ease for purchase with the use of technology for online purchase, including from mobile applications on smartphones.
  • Regulatory changes and continuition of income tax benefits.
  • Changes in demographic factors such as growing underinsured younger population with need of child plans and older population with need of retirement plans.

Latest News: 

INR 1.01 Crore fine on Cholamandalam MS General Insurance

IRDAI has imposed a fine of INR 1.01 crore on Cholamandalam MS General Insurance for violation of the regulatory norms such as paying commission on ported policies and offering discount on premium.
According to IRDAI norms, insurers cannot pay commission to intermediary on acceptance of a ported policy. " As portablity is an option given drictely to the insured, there is no rule of an intermediary and hence, no commission shall be payable by an insurer to any intermediary in the year of porting ."said IRDAI.


Comments

Post a Comment

Popular posts from this blog

Usain Bolt's Real Life Inspirational Story

Usain Bolt- The Speed Master There was a time when Usain Bolt did not even have the money to buy shoes. In the World Athletics Championships held in Berlin in the year 2009, Usain Bolt shocked the world by breaking his own world records in 100 M and 200 M races and setting a new record of 9.50 and 19.19 seconds. The story of the childhood of the world's fastest runner, his mother's (Jennifer Bolt)  words - This is the story of a person who has reached the hail from the floor. The story of a person who used to play cricket in childhood, but today is making a splash in athletics and has become the world's fastest runner. You know him by the name of Usain Bolt, but for me he is my favorite son. My husband runs a small shop in Wellesley village, so Usain was not able to get sports shoes in his childhood. The school management got him these shoes, which made his training speed up. Usain was born in Trelawny Parrish (Sherwood Content), a small village in Jamaica, where there were...
Post a Comment
Read more

Sculptor: Father and Son

Gangapur was a small village with a lot of fun and scenic beauty. All the residents had small businesses and lived happily ever after. There was also a sculptor living in that village who made really nice sculptures that were eye-catching. It is difficult to find fault with his idol. He had a good impression in the village. He used to make idols of God and make a living. He had a son, and as he got older, he became more adept at making idols, and his idols became better than his father. But whenever he made an idol, his father would find fault with it and tell him, and he would obey his father and correct it. Once upon a time, the money for the idol of the son began to come more than the idol of the father. And even the father in his mind was proud that, "My son became a better sculptor than me." But he never said that to his son, whenever he made an idol, he would find fault with it and tell it. One day the son lost his patience and said to his father, "Where do you kno...
4 comments
Read more

Durability Test on Apple iPhone 12 Pro Max, 12 mini

  Apple recently started shipping its iPhone 12 Pro Max and iPhone 12 mini phones across multiple countries. And just like the iPhone 12 and iPhone 12 Pro, people want to know about the durability of the new phones, due to their construction. YouTuber JerryRigEverything  who puts a number of phones through the paces of his durability tests and is also famous for teardowns, has put both the new smartphones to test in his latest video. We get to see the new iPhones scratched up, bent and more in this latest test. Apple’s new iPhone 12 lineup of smartphones come with ceramic infused glass, which the company claims is tougher than normal glass. During his scratch test, both the iPhone 12 Pro Max and 12 mini got scratches at the level 6 on mohs scale of hardness, with deeper grooves at level 7. However, when compared to normal glass phones, even with Gorilla Glass protection, these scratches are less prominent. Apart from this, he tried scratching the side bezel of the smartphones ...
Post a Comment
Read more