Insurance companies must focus on unfair trade practices and ensure availability of products at an affordable price: Vice President

Hyderabad
February 11, 2018

Addresses valedictory session of the 4th South Asian Insurance Regulatory Meet and International Insurance Conference

The Vice President of India, Shri M. Venkaiah Naidu has said that insurance companies must focus on unfair trade practices and ensure availability of products at an affordable price. He was addressing the valedictory session of the 4th South Asian Insurance Regulatory Meet and International Insurance Conference, in Hyderabad today. The Deputy Chief Minister of Telangana, Shri Mohammad Mahmood Ali and other dignitaries were present on the occasion.

The Vice President said that ageing population, frequent occurrence of natural calamities and lack of uniform medical care are major challenges faced by SAARC countries. He further said that insurance companies to increase the penetration in the country to help the aging population. The thrust must be given to cover all the vulnerable and marginalised sections and ensure quality healthcare and oppressed and suppressed sections of the society must be our priority, he added.

The Vice President said that in view of the frequent natural calamities such as cyclones, unseasonal heavy rains, drought, disaster and catastrophe, insurance must be at the top of the agenda to insurance companies and regulators. He further said that Cyber security and cyber liability insurance have become vital in the present times with criminals increasingly hacking and stealing valuable information of organizations and individuals. There has to be a broad consensus on reforms and the centre and states must work together to make ensure that reforms are implemented properly, he added.

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