Due to this, insurance sector companies have not given much profit to the investors in the last two years. While the stock markets are trading at their all-time highs, insurance companies are trading low. These new changes which have now been sanctioned in the sector are likely to give a major boost to the insurance companies.
Commenting on this, Chairman of ICICI Lombard General Insurance Company Bhargav Das Gupta said, ‘Now IRDAI has approved all the demands of the insurance companies and it will bring about huge changes in the industry. This initiative of IRDAI to provide insurance for all Indians will definitely bring great improvements. Bhargav Das Gupta said that IRDA has brought about a big revolution in the sector by allowing all claims of insurance companies at once.
Insurance plays an important role in providing financial protection in times of danger. In developed countries like the US, all people have insurance. Due to lack of financial resources, many suffer major damage without getting proper treatment. Many families are financially devastated when the breadwinners die at unexpected moments.
Insurance provides financial security to one during such critical moments. This initiative of the Government of India as “Insurance for all Indians” is certainly commendable. These changes brought about IRDAI as the first step in that effort.