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Insurance industry to hit $280billion by 2020

Insurance industry to hit $280billion  by 2020

Vice President Venkaya Nado said today in a conference on the rate insurance industry in India has been growing. He said the industry is expected to reach $ 280billion by 2020, compared with 84.72 billion in 2017 when the country is ready for strong economic growth.

In his speech at the farewell session of the Fourth South Asia Insurance Conference and the International Security Conference, he talked about security investments in various sectors of the Rs 30, Rs 76 Crore at the end of 2016-17. Kroko 40 years have been an infrastructure sector.“The insurance industry is expected to reach $ 280 billion by 2020 when the country is ready for strong economic growth, rising from $ 23 billion in 2005 to $ 84.72 billion in 2017.”He said the increase in foreign direct investment programs and government to provide coverage for people, including farmers, have led to a greater penetration of insurance services in the country and the strengthening of the industry.“Compared with the global average of 6.2%, the penetration rate of the insurance sector in India is 3.39%,” he said.Reaffirming the need for insurance regulators and evolving with the development of the situation, he said that attention should be paid to reducing unfair commercial practices and ensuring that policies and procedures. affordable products.If subscribers are growing, it is necessary to prevent fraud and protect the interests of subscribers who pay the prizes, he added.Computer security and cyber-liability have become extremely important at this time, ciberofrimuloj cut and steal more valuable and confidential data, he said.He hoped the healthcare system recently announced to cover 10 Crore families, Pradhan Mantri Jeevan Jojti Bima Yojana and Pradhan Mantri SURAKSHA Bima Yojana will boost the insurance sector and reduce the financial risks of poor families.
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