New Delhi: As India faces rising healthcare expenses, increasing climate-related risks, and growing economic uncertainties, insurance experts have emphasized the urgent need to improve insurance awareness and expand coverage across the country. On the occasion of National Insurance Awareness Day, they highlighted that insurance is no longer just a financial product but an essential safeguard for individuals and families against unexpected events.
Speaking on the occasion, Mr. Subrata Mondal, Managing Director & Chief Executive Officer of IFFCO-TOKIO General Insurance Company Limited, stressed the importance of insurance in ensuring financial protection.
“On this National Insurance Awareness Day, I would like to emphasize the importance of insurance. Having insurance is essential as it provides financial support against uncertainties,” Mr. Mondal said.
He pointed out that insurance penetration in India remains significantly low across various segments despite sustained efforts by insurers, agents, regulators, and financial institutions.
“People still need to be encouraged to buy insurance rather than proactively purchasing it themselves. Even though insurance premiums in India are among the lowest in the Asia-Pacific region, only around 15% of losses are currently covered by insurance policies,” he noted.
Highlighting the concern over vehicle insurance, Mr. Mondal said that more than half of the vehicles on Indian roads remain uninsured, leaving millions vulnerable to financial losses in the event of accidents or other unforeseen incidents.
He also urged citizens to recognize the long-term benefits of insurance and secure appropriate coverage to protect themselves and their families against medical emergencies, accidents, natural disasters, and other uncertainties.
Industry experts believe that improving public awareness and encouraging proactive insurance adoption are key to building financial resilience among Indian households. As the country advances toward greater financial inclusion, expanding insurance coverage will be critical to protecting lives, assets, and long-term financial well-being.
National Insurance Awareness Day serves as a timely reminder for individuals to review their insurance needs and ensure adequate financial protection against life’s unexpected challenges.