Secretary General, General Insurance Council, Mr. R
Chandrasekaran on Friday forecast the size of non-life and liability insurance
would grow five times by next decade as non-life and liability insurance is
gradually growing a risk mitigation exercise in India.
Inaugurating a Seminar on Financial Risks & Liability
Insurance : Current Scenario and Way forward organized by the PHD Chamber of
Commerce and Industry here today, Mr. Chandrasekaran emphasized that with
proper policy, ongoing innovations and regulations in place, the non-life and
liability insurance which is currently estimated at a size of 3%, however, will
stay put at this number for another 4-5 years and subsequently frogleap.
According to him, a great deal of public exercise and
campaigning is called for to arise public awakening for larger participation of
stakeholders in this non-life segment to enable it realize its latent
potential.
Supportive regulations and policies are also needed for
the growth of non-life insurance which would come about as this is what has
happened for life insurance to pick up in India in the past, indicated Mr.
Chandrasekaran and also urged the PHD Chamber to carry such conferences across
other Tier-1 and Tier-2 cities of India.
In his opening remarks, Vice President, PHD Chamber, Mr.
Anil Khaitan also hoped that with changing India, its liability and non-life
insurance will also grow faster than anticipated as the Chamber is confident of
its estimated growth and diversification.
Speaking on the occasion, Chairman, Insurance Committee
of the Chamber, Mr. Yogesh Lohiya also exuded confidence saying that with
skilling, digital and Make in India picking required pace, the non-life
insurance sector is poised for higher growth.
What is required is a massive campaign to promote this branch of
insurance.
Managing Director, Nilam Sharma Limited, Ms. Nilam Sharma
in her presentation detailed out her perception on Directors and Officers
relating to non-life insurance and their role to diversify and expand this
sector.
Co-Chairman, Insurance Committee, PHD Chamber, Mr. S K
Sethi proposed a vote of thanks and participated in the Q&A Session with
its Director, Mr. Debjit Talapatra moderating the Session.
A technical session followed with serious floor
participation on the subject of D&O Insurance which addresses issues of
regulation and risk mitigation of Directors of Companies, Corporate and
Industry. The Session panellists were
eminent personalities from the insurance sector who enunciated their technical
points and case studies from the perspective of company secretary, corporate,
insurer, re-insurer, insurance intermediary, law firms and capital market.
Among others who spoke on the occasion comprised Mr.
Gurpreet Singh Jolly, Head Global Insurance, Sun Pharmaceutical Industries Ltd;
Ms. Niharika Singh, Vice President, Marine & Speciality Lines Underwriting,
IFFCO TOKIO General Insurance Co. Ltd.; Mr. Joel Pridmore, Financial &
Investment Risk Specialist, Munich Re, Australia; Mr. Sushant Sarin, Tata AIG
General Insurance Company Ltd.; Mr. Rohit Mehrotra, Head Liability, India
Insure Risk Management and Insurance Broking Services Pvt. Ltd.; Mr. Sakate
Khaitan, Senior Partner, Khaitan Legal Associates and Mr. Pranav Haldea,
Managing Director, Prime Database.
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