Insurance penetration in India is amongst the lowest in the world. Only 3.1 per cent of the 1.25 billion Indians have life insurance. In case of non-life insurance the situation is even worse. Less than one per cent of the total population has non-life insurance cover. Non-life insurance is virtually non-existent in rural India. There are two broad reasons. The first is low awareness about insurance products and the other more disturbing factor is inability of the majority of the population to pay premiums.
Thousands of poor farmers commit suicide every year. Agriculture in India is still largely dependent on the vagaries of monsoon. Frequent floods and droughts compel farmers to take their own lives. The condition of poor labourers is even worse. Poors are hit the worst during uncertainties. A comprehensive insurance cover would help them during the time of uncertainties. Generally, insurance provides security up until a certain age period. Poor people struggles to get two square meals and have hardly any savings. Pension schemes are crucially important to provide security in old age.
The CAII National Mission on Insurance and Social Security aims to address the issues related to penetration of insurance and pension schemes, especially among the weaker section of the society. The idea is to make insurance and pension, an integral part of the social security system. The Mission will bring all stakeholders—government, industry and civil society—on one platform to find optimum solution for the challenges facing the insurance and pension and overall social security sector.
Chairman & Managing Director, The New India Assurance Co. Ltd., Chair - National Mission on Insurance and Social Security
Mr. G. Srinivasan, B.Com, FIII, AICWA has been Managing Director at The New India Assurance Co. Ltd. since October 18, 2012. Mr. Srinivasan served as the Managing Director at New India Assurance Co. Ltd. from April 12, 2011 to August 16, 2011. He served as Managing Director of United India Insurance Company Ltd. until October 17, 2012. He served as Managing Director of The New India Assurance Company (TNT) Ltd., Trinidad and Tobago and General Manger for The New India Assurance Company Ltd. He has over 25 years of experience in the Insurace Industry. He serves as a Director at General Insurance Corporation of India since July 28, 2010. He has been Chairman of The New India Assurance Co. Ltd. since October 18, 2012. Mr. Srinivasan served as the Chairman of the Board of United India Insurance Company Ltd. until October 17, 2012. Mr. Srinivasan has been a Non-Executive Director at GIC Housing Finance since November 26, 2007. He serves as a Director of Kenindia Assurance Company Ltd., Kenya and GIC of India. He is a Fellow of the Insurance Institute of India and also an ICWA graduate.
MD & CEO of Bajaj Allianz Life Insurance, Co-Chair - National Mission on Insurance and Social Security
Anuj Agarwal is the MD & CEO of Bajaj Allianz Life Insurance. Anuj has been associated with Bajaj Allianz Life Insurance in its inception years in 2001 till the year 2004 and has handled senior responsibilities in Finance including that of Vice President-Finance. Anuj brings with him substantial experience in life insurance, having worked in India and abroad.
He has held senior positions as CFO/CRO, within the Allianz Group in Egypt and Indonesia. He was the Chief Financial Officer and Chief Risk Officer at P.T. Asuransi Allianz, Utama, Indonesia before joining Bajaj Allianz as MD & CEO.
Anuj is an Engineer by qualification having completed his Bachelor of Engineering in Electronics & Communication from Delhi Institute of Technology. He has further completed his Masters in Management Studies from Sydenham Institute of Management Studies and holds an Advanced Diploma in Insurance from the Chartered Insurance Institute, UK.