Regulatory focus for growth to continue irrespective of govt, say insurers

Insurance industry players express confidence that the regulator's focus on sector growth will persist regardless of the ruling political party. Despite the BJP failing to secure a majority, the National Democratic Alliance's (NDA) lead assures industry continuity. \r

Vibha Padalkar, HDFC Life Insurance MD & CEO, emphasizes the ongoing commitment to "Insurance for All" by 2047. Insurance officials stress the importance of government support in enhancing insurance penetration, foreseeing regulatory continuity irrespective of political changes. Insurers anticipate no reversal of previous regulatory decisions by any new government. \r

They highlight insurance's crucial role in ensuring basic life certainty. Sharad Mathur, MD & CEO of Universal Sompo General Insurance, underscores the importance of a progressive government in fostering insurance inclusion amid economic progress, anticipating infrastructure-related insurance growth under a forward-thinking administration.