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Prime Minister’s Principal Secretary P.K. Mishra emphasized the need for expanding insurance coverage across various sectors to safeguard against the increasing frequency and severity of disasters globally, including in India. He stressed that making insurance not only available but also accessible to vulnerable populations is one of the key challenges facing the industry and the government alike.
Speaking at a National Disaster Management Authority (NDMA) workshop titled “Why Disaster Risk Insurance Matters – Key Concepts and Benefits” on Friday, Mishra highlighted the critical role insurance can play in mitigating disaster risks. According to an official statement released on Saturday, he urged for a strategic approach to widen the reach of insurance across different sectors and entities, particularly to benefit those most in need.
Government’s Role in Insurance Expansion
Mishra raised thought-provoking questions regarding the role of the government in the expansion of insurance. Should the government act as a catalyst, promoting the growth of the insurance market, or should it take a more active role by directly purchasing insurance for certain vulnerable sectors? These are critical decisions that need to be addressed to ensure the fiscal sustainability of insurance-related initiatives, he said.
He further suggested exploring public-private partnerships (PPPs) as a means to improve the reach of insurance services and products. Such partnerships could be instrumental in bridging the gap between insurance providers and those who need coverage the most. Mishra’s remarks underscore the necessity for the government and private sector to work together to enhance insurance accessibility, especially for disaster-prone regions.
The discussion at the NDMA workshop highlighted the growing need for comprehensive disaster risk insurance policies, especially in the face of climate change and other emerging threats. With government support, the insurance industry can potentially expand its services to better protect citizens, especially the vulnerable, from disaster-related losses.
Key Takeaways:
- P.K. Mishra advocates for expanding insurance coverage to address the rising disaster risks in India and globally.
- He highlights the importance of making insurance accessible to the most vulnerable populations.
- Mishra raises crucial questions about the government’s role in facilitating the growth of the insurance market and improving outreach through public-private partnerships.
- The NDMA workshop reinforces the need for strategic approaches to enhance insurance coverage for better disaster management.
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