Insurance companies adapt to challenges posed by Covid: Irdai chief

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It was in 2015 that the government last raised the ceiling for FDI in the insurance sector from 26% to 49%.

Insurance Regulatory Authority of India (Irdai) Chairman SC Khuntia said on Friday that the insurance industry has been able to adapt to the challenges posed by the pandemic and is resilient in providing services to policyholders without any interruption.

In cases of pandemic-related claims, the general insurance industry has made payments amounting to Rs 7,136 crore and the life insurance industry has paid claims of Rs 1,242 crore For crown specific products, the total claim settled so far was around Rs 700 crore, Khuntia said, adding that the industry has recovered and is showing positive growth.

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Khuntia spoke at the National Insurance Academy and Swiss Re seminar on “Navigating Uncertainty: Insight Driven Innovation”. Regarding standardized products, he said the authority was not against innovation, but that there were minimum benchmarks set for the industry and that insurance companies should innovate from time to time. and modernize. Sandbox regulations have prompted more and more insurance companies to offer innovative products and services, he said.

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The regulator believes that insurance companies should be involved with policyholders throughout the policy and not just when selling policies and settling claims.

G Srinivasan, director of the NIA, said the risks are getting quite complex and the insurance industry is expected to reinvent itself over the next decade.

Hadi Riachi, CEO of Swiss Re India branch, highlighted the use of advanced risk analysis and automation to address the changing risk landscape.

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