IIMK experts submit report to lay foundation for achieving goal of ‘Insurance for All by 2047’
GS3Economy · S&T · Environment · Security· Growth, inflation & macro indicators· Mains·
Why in news
IIM Kozhikode experts submitted a report to the IRDAI advocating for a national mission approach to achieve the 'Insurance for All by 2047' goal.
Background
The report identifies regulatory clarity, technological advancements, capital deepening, and institutional trust as the four pillars for insurance growth. It proposes that insurance should be treated as a pillar of India's economic resilience.
Facts for Prelims
- BodyIRDAI: The regulatory body for the insurance sector in India
- FactInsurance for All by 2047: The target goal proposed in the IIMK report
- FactIIM Kozhikode: The institution that authored the report submitted to IRDAI
For Mains
Q. Discuss how a national mission approach to insurance penetration can enhance India's economic resilience and financial inclusion by 2047.
Dimensions to cover in your answer
- Institutional trust: Addressing consumer skepticism through transparent claims settlement and grievance redressal mechanisms
- Regulatory clarity: Balancing ease of doing business for insurers with robust consumer protection frameworks
- Capital deepening: Mobilizing domestic savings into long-term insurance products to support infrastructure and social security
Keywords: Financial Inclusion · Economic Resilience · Capital Deepening · Regulatory Framework · Risk Mitigation
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