FY 24 Budget should reduce minimum entry capital requirement for insurance sector - Vivek Nath, India Head, WTW

While spelling out the expectations of the insurance sector from FY 24 budget, Mr Vivek Nath, India Head, Willis Towers Watson, said, '“The risk and insurance sector in India is now moving from a phase of evolution, since privatization, to a phase of revolution as it aims for ‘Insurance for all’ by 2047’. The industry expects the budget to outline policy measures that move the country in that direction while increasing insurance penetration and safeguarding consumer interest. Some of these measures include the relaxation of the minimum entry capital requirement in order to bring in FDI, cutting edge technology and best practices in a way that safeguards policyholder interest. Considering the medical inflation, the budget should consider reduction of the GST applicable on retail insurance to improve insurance coverage. While there is significant focus on solar and renewable energy, industry in general, is prioritising actions towards a low carbon economy and the budget should outline policy measures that will improve assessment, measurement, mitigation and transfer of climate or climate related risks including via insurance”.