Despite high levels of literacy and human development indicators, insurance penetration in Kerala is much below the national average and there is a felt need to deepen the public reach-out to deepen the insurance density in the State, said Amit Bhandari, Chief Technical Officer of Magma HDI General Insurance Company. He was talking to the media persons here on the eve of national insurance day.
“Financial protection against unforeseen events in Kerala stands much lower than the national and global averages. Kerala is facing a potential insurance gap of about Rs 10,000 crore. To bridge this yawning gap, a calibrated approach is needed to deepen the insurance awareness among the people”, he said adding “19% of vehicles in the state do not have a motor insurance cover and about 2 crore people live without any health insurance cover. Also, about 75% MSMEs remain uninsured and only less than 1% of households in the state have any form of home Insurance”.

He said, Kerala has a proud legacy in the health sector. However, at the same time, the disease burden due to chronic diseases is higher. Senior citizens (60+) account for 14% of the state’s population which is above the national average. All these factors highlight the need of closing the insurance gap in the state at a much faster clip. In addition, other factors like an aging population and higher instances of non-communicable diseases in the State, indicate a huge gap in financial protection from health-related expenses. Magma HDI is excited to launch ‘Insurance Edutho’ an awareness campaign to educate the people in Kerala about the importance of insurance”.

He shared that under this campaign, the Company plans to undertake various initiatives to spread the word about insurance leading to a higher penetration. ‘Insurance Edutho’ aims to nudge the target group to introspect and evaluate the gap in insurance and get insured as a next step. Website was unveiled at the event. The website is a knowledge hub for various aspects related to general insurance. Apart from awareness campaigns, Magma HDI will work towards product availability and last mile insurance service delivery to the uninsured population in Kerala.

Rajive Kumarswami, MD & CEO of Magma HDI believes “India is amongst the most rapidly growing economies globally. To fulfil the aspirations of its 1.4 billion citizens, India must continue to grow at a high rate for several years to come. The journey towards this growth is accompanied by uncertainties, and it is here that insurance plays a crucial role in offering individuals a safety net. The vision of achieving insurance coverage for all Indians by 2047 is a dream we at Magma HDI take pride in. We are honored to collaborate with the Insurance Regulatory and Development Authority of India (IRDAI) in this noble mission.”

Mr. Harshil R Meena, Asst Collector, Ernakulam was the Chief Guest at the function and the guest of Mr. Ragesh GR, CEO at Muthoot Securities Ltd. Was the guest of honor.